Sky Mining CEO Disappears With $35 Million, Claims Medical Issues

The CEO of Vietnam-based mining platform Sky Mining has allegedly disappeared with over $35 million in company and investor funds, claiming that medical issues have required him to temporarily leave the country.

Vietnamese news media first reported the abrupt disappearance of Sky Mining CEO Le Minh Tam on July 29, 2018.

Sky Mining Deputy Chairman Le Minh Hieu formed a temporary board in order to support investors and attempt to reclaim the lost assets, stating in an interview with VNExpress that he suspects Tam fled to the United States.

The Sky Mining platform, which claims to be the largest cryptocurrency mining operation in Vietnam, offers cloud-based mining services that range in price from $100 to $5,000 USD monthly.

Sky Mining promised investors guaranteed returns on investment of up to 300% dependent on initial investment.

In order to capture investor capital, Sky Mining ran a series of events in Ho Chi Minh and Hanoi, claiming to have acquired over 7,000 mining rigs.

Sky Mining CEO Le Minh Tam allegedly published a notice on a Sky Mining investor Facebook group on July 25, stating that the unpredictable nature of the market and a sudden drop in mining rig value catalyzed a dramatic loss in profitability and that the Sky Mining company would reimburse investors for lost capital.

An additional update published by Tam in the Sky Mining Telegram chat on July 29 provided conflicting information to Sky Mining investors.

The acting operator of the Sky Mining operation in Ho Chi Minh has not yet received any contact from Tam.

Despite Tam's claims, it's unlikely that the Sky Mining operation will continue to operate given the history of cryptocurrency scams in Ho Chi Minh - investors lost over $650 million USD in the recent HCM-based Modern Tech ICO exit scam.