Home Bitcoin Scams News Crypto Mining Agency CEO Exit Scams with $35 Million in Investor Funds

Crypto Mining Agency CEO Exit Scams with $35 Million in Investor Funds

5 min read


The CEO of Sky Mining, a crypto mining firm in Vietnam, has disappeared with investor funds totaling about $35 million, in response to a local news outlet.

About 20 traders of Sky Mining reported the matter to the native police within the Phú Nhuận District after studying that “roughly 600 mining machines had been eliminated” by imposters who had claimed to be upkeep staff. The traders had been additionally alarmed after they seen the corporate’s central workplace was shut down and its branding eliminated. The traders consider the corporate’s CEO, Lê Minh Tâm — who had been unreachable for per week — had run off with the stolen funds.

Le Minh Hieu, deputy chairman of Sky Mining, shared the identical sentiment. In an interview with the native media, he stated it was potential Tâm stole the mining rigs together with the funds. Whereas sustaining his innocence within the fraud, he stated, “[The board] has reported this to the police and confirmed proof that we’re not responsible, he stated. “We’re victims, too.”

In a twist of occasions, Tâm, who had not been involved with any of his colleagues for the reason that incident was reported, posted a 44-second video on Telegram, the place he claimed to be receiving medical therapy and promised to return traders funds.

“You should have your cash, thanks to your cooperation, I didn’t run or go wherever, I’ll come again quickly,” he stated.

The Sky Mining app retailer claims to have greater than 1,000 machines working across the clock, permitting traders to hire mining rigs to earn passive earnings over a interval.

The corporate hosted occasions in Hanoi and HCMC to draw traders by which its officers claimed it was the most important cryptocurrency mining firm in Vietnam.

Buyers had been suggested to take a position a minimal of $100 to $5,000 in every of the rigs, which had been stored at a storage middle owned by Sky Mining. The corporate additionally promised traders a mouth-watering ROI plus commissions for inviting new members.

Cryptocurrency mining has been on the rise in Vietnam, as companies lure traders with a horny month-to-month curiosity along with capital invested. In keeping with a Xinhua report, Vietnam imported over 6,300 mining units from January to April in 2018 and over 9,300 in 2017.

Final month, Vietnam’s Central Financial institution agreed to implement stricter restrictions on digital currencies by suspending the importation of crypto mining units.

Featured Picture from Shutterstock

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