In another sad cryptocurrency event in Vietnam, Lee Min Tahm, CEO for Ho Chi Minh City-based Sky Mining firm has fled the country with $35 million worth of investor and company funds.
Reporting the incident, VnExpress said the CEO has been missing since last Monday and victimized investors have filed a case with the police ward.
The investors said that Lee Min Tahm made a Facebook post in a group for the firm’s investors and apologized for “everything.” He reportedly requested that investors visit the company’s head office located in the Phu Nhuan District to ask for a payback on their investments.
Getting to Phu Nhuan District, the investors claimed that the head office has been shut down. Also, over 600 mining rigs have been removed by unknown men from a neighboring mining farm owned by Sky Mining.
The firm is believed to have over 7000 mining rigs and promised investors a large return of 300% if they purchase their mining rigs and allow them to work for a year.
Sky Mining deputy chairman, Le Minh Hieu decided to not follow the steps of Tahm by fleeing but has stayed back to sort for a solution. The deputy said he has set up a “board of 16 people to support investors and calculate the remaining asset of the company.”
Hieu said that he and other board members were “all victims” and has reported this to the police with evidence. He thinks the CEO is hiding somewhere in the US and also claimed to know only little about the company assets because Tahm was in charge of the firm’s mining rig and storage facilities before he fled.
The latest fraud case will occupy the last position in a growing list of cryptocurrency-related crimes in Vietnam. Just three months ago, April, investors also claimed to be cheated of VND15 trillion ($650 million) in a cryptocurrency Ponzi scheme set up by another crypto company Modern Tech.