Vietnamese CEO flees Country After $35 Million Scam

Vietnamese CEO flees Country After $35 Million Scam

A mining scheme out of Vietnam collapsed as its CEO reportedly took away all the funds and left the country. This incident took place at Sky Mining, where the investors and board members tried reaching the CEO, Le Minh Tam, however did not receive any response.

People visiting the company’s office found that the doors were locked, the company’s name was removed and all the mining rigs at its facilities were being removed by people who were claiming to be the ‘maintenance crew’. These factors led to the suspicion that Tam may have fled with the $35 million and these suspicions were later confirmed by the deputy chairman, Le Minh Hieu.

Hieu said that Tam fled to the United States with funds from both investors and the company, however, he isn’t sure how much of the total assets of the company are missing. He is now assembling a team that will be responsible for restitution of funds to investors. He said,

[The board] has reported this to the police and showed evidence that we are not guilty. We are victims, too.

However, in a private Facebook group meant for investors, Tam said that he apologizes for everything and blamed the unpredictability of the market and the failing profitability of mining cryptocurrencies as his reasons for exit. He stated,

My last resort is to stay hidden from public to protect my life.

Later, he released a video update in which he changed his story and said that he was undergoing therapy. He further assured the investors that he wasn’t running away and they would get their money back.

I will contact you as soon as possible to work with you through all the workshops and you will have the money.

He further added that next week the mining rigs will be operational again. The story definitely seems suspicious and shady, as his statements don’t add up and keep changing with every update. It’s speculated that he saw that the 300% returns promised by Sky Mining were not likely to come true and therefore decided to shut down all operations before everything began to prove unprofitable.

Whatever the reason, investors are hoping to get their money back. Events like these are making cryptocurrencies more and more dangerous with every passing day.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.