Sky Mining, a Vietnam crypto mining scheme has been closed down after its CEO took all the money from the company and has since fled the country. Board members and investors have been trying to reach Mr. Le Minh Tam but all attempts have been unsuccessful.

Premises being cleared

Local media reports have indicated that the facility that has been housing the mining activities is being cleared by people who claim to be maintenance crew. The company’s offices have been closed for a week now and all mining rigs are being removed.

Following the stand, board members and investors have been suspicious that Tam had fled with the funds. The bad news was later confirmed by Sky Mining deputy chairman Le Minh Hieu, who said that Tam had indeed fled with both the company and investors’ money to the United States. Hieu did not however disclose exactly how much had been lost and said he is currently working on assembling the team to ensure that investors get their investment.

Mining-as –a-service

The company had been offering mining services to crypto miners. The startup was renting mining rigs to miners for between $100 and $5,000. The startup had collected money from around 5,000 investors before the CEO’s disappearance. The company was promising miners 300% return in one year and could allow miners to keep the machine for as long as 18 months. Many found the company’s promise of returns to be unrealistic raising suspicions of scam.

It is after a group of miners had reported at the company’s offices to pick their miners that they found the premises closed. The buildings had been cleared and all mining equipment taken away.

Unconfirmed reports indicate that Tam decided to sell the equipment to offset a debt a debt that the company y had accrued. The report further says Tam flew because he feared for his life. In a message sent on Sunday, Tam claimed that he had not fled and that he would return. However, Hieu said there are very few slim chances that Tam would come back addition that he had stolen the money.