The chief executive of crypto mining startup Sky Mining has reportedly disappeared with $35 million of investment money.
It appears as though Le Minh Tam, CEO of the firm who has not been heard from since July 26th, has cleared out along with the company’s mining facility and office. According to one group of investors, all mining machines have been taken away and there is no trace of Sky Mining.
The startup was billed as a crypto miner rental service, from which investors could offer between $100 and $5,000 for equipment on loan. Around 5,000 people paid for these services, but did not receive the miners in return before Tam disappeared.
The executive has since claimed that he has sold the miners to cover financial losses, and he has disappeared in an effort to protect himself. However, deputy chairman Le Minh Hieu has since said that Tam has stolen the funding and moved to the US.
The company, if it had been legitimate, promised a 300 per cent return over the period of a year, with investors able to keep machines for up to 18 months.