Sky Mining CEO Disappears With $35 Million

[proo7]

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. Tam, who was out of contact with investors and board members for several days, allegedly absconded with the entirety of Sky Mining company funds and investor capital.

Mining Operation Cleaned Out
The Sky Mining main office, based in Phu Nhuan District, Ho Chi Minh, was purportedly cleaned out under the direction of the Tam. Investors seeking answers found the office closed and company branding removed, with 600 mining machines owned by the company located in a neighboring district removed by “maintenance workers.”

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

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. Investor response to the sudden loss of capital and the disappearance of Tam has resulted in a flood of anger toward Deputy Chairman Le Minh Hieu and board members.

Sky Mining CEO Claims Mysterious Illness
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. Tam also stated:

“My last resort is to stay hidden from [the] public to protect my life”


Sky Mining CEO Le Minh Tam Via VNExpress
An additional update published by Tam in the Sky Mining Telegram chat on July 29, however, provided conflicting information to Sky Mining investors. In a 44-second video, Tam stated that he is currently undergoing emergency medical treatment and will return to Vietnam next week.

“I will contact you as soon as possible so that all workshops will be financially viable and affordable.  The machines will run again and you will have money, thank you for your cooperation. I am not running or leaving, I will come back soon.”

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

“I watched the video uploaded by Mr. Tam, but I have not actually contacted him, and I have not contacted Deputy General Director Le Minh Hieu yet.”

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.

Source:  
https://cryptoslate.com/sky-mining-ceo-disappears-with-35-million-claims-medical-issues/

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[proo7]

Was there some sky mining company which wasn't a scam?

I guess next exit will be SunMining, WinMining and many Cloud Mining sites also.

Hashflare is not far from this also...


But this one is so crazy ex CEO say “My last resort is to stay hidden from [the] public to protect my life”

Now hide like a mouse ... I wonder will he ever have normal sleep again

[Raja_MBZ]

Almost none of the cloud mining services are legit (and do the actual mining). Remember how CLDMine disappeared in a blink of an eye back in mid-2016 after getting a lot of attraction everywhere? We've seen so many HYIPs/Ponzi-schemes getting launched & finally ending up in a smoke since then.

Sky Mining seems no different case.

Investors of Sky Mining... RIP!

[Potato Chips]

Overly high guaranteed returns? Must be a ponzi scheme, so this was bound to happen anyway. It's just impossible to sustain it, even if they had the rigs.

What I'm really intrigued is, why do the rest of team except the CEO are playing the victim card? Do they really not know anything? 

[BitHodler]

What I'm really intrigued is, why do the rest of team except the CEO are playing the victim card? Do they really not know anything? 

They have no choice but to act like they don't know anything. If they are found guilty of participating in an obvious scheme their careers are over. The only thing they can do is hope for mercy.

Overall, people need to ask themselves how this all happens. Is it the fault of this scheme? I don't think so. It's the fault of people themselves, because they solely are responsible for creating this demand.

Without people creating demand for schemes there won't be any schemes. People's greed never fails to surprise me, which is quite pathetic if you think you have seen the worst already.

[Slow death]

I wonder will he ever have normal sleep again

scammers have no remorse, they only care about themselves, as long as they can have a good life, for them that is all, if the world explodes or does not explode this they do not want to know

this:

Sky Mining CEO Disappears With $35 Million

and this:

Investors seeking answers found the office closed and company branding removed, with 600 mining machines owned by the company located in a neighboring district removed by “maintenance workers.”

how could this be done without anyone seeing it?

What I'm really intrigued is, why do the rest of team except the CEO are playing the victim card? Do they really not know anything? 

I also have the same question, because I find it very strange that only the CEO had so much power to the point of stealing and running away without anyone knowing anything

[1Referee]

Almost none of the cloud mining services are legit (and do the actual mining). Remember how CLDMine disappeared in a blink of an eye back in mid-2016 after getting a lot of attraction everywhere? We've seen so many HYIPs/Ponzi-schemes getting launched & finally ending up in a smoke since then.

Every cloud mining service, regardless of it having actual hardware to mine with, is set up to benefit itself. There is only one outcome possible, which is that the far majority of the people lose. If they aren't losing due to difficulty increases and non attractive exchange rates, the service in question will bump up the maintenance fees to eat through people's earnings. In the end every cloud mining service will implode, either by not getting any new investor capital in, or they blatantly run.

The returns are pure madness and hint at one thing only; people know it's a scam but invest anyway because they think they can profit before it implodes.

[proo7]

Almost none of the cloud mining services are legit (and do the actual mining). Remember how CLDMine disappeared in a blink of an eye back in mid-2016 after getting a lot of attraction everywhere? We've seen so many HYIPs/Ponzi-schemes getting launched & finally ending up in a smoke since then.

Every cloud mining service, regardless of it having actual hardware to mine with, is set up to benefit itself. There is only one outcome possible, which is that the far majority of the people lose. If they aren't losing due to difficulty increases and non attractive exchange rates, the service in question will bump up the maintenance fees to eat through people's earnings. In the end every cloud mining service will implode, either by not getting any new investor capital in, or they blatantly run.

The returns are pure madness and hint at one thing only; people know it's a scam but invest anyway because they think they can profit before it implodes.

Yes, at least they are on edge id being scam.

Everyone says Genesis Mining is legit, and not scam,
but who knows how long that will last also....

I would not advice anyone to invest in any Cloud mining company

[Thekool1s]

how could this be done without anyone seeing it?

I think the whole team is in on this. $35 million dollars is by no means a small amount. It can set the whole team for life. From what I think To keep the heat low they didn't disappear all at once. They are playing the victim card to cool things down and once the things are calm enough they too will disappear in thin air. Mark my words! I have seen this happening my times before. Especially in Local Ponzies.

[richardsNY]

Everyone says Genesis Mining is legit, and not scam,
but who knows how long that will last also....

I have seen that even older members here consider Genesis Mining to be legit. It's only based on vague videos on YouTube and that they are still paying people. Both are in no shape or form evidence that they are running a semi fair business. The only way for them to prove that they are actually as big as they are, is to have them publicly share their mining addresses, but they have been refusing to do so for years. It's not that you can remain undetected with how open everything is, but there is no clear sign of Genesis Mining and we probably never see them open up to comfort people. We'll see how long they continue to pay people....

[shield132]

Was there some sky mining company which wasn't a scam?

I guess next exit will be SunMining, WinMining and many Cloud Mining sites also.

Hashflare is not far from this also...


But this one is so crazy ex CEO say “My last resort is to stay hidden from [the] public to protect my life”

Now hide like a mouse ... I wonder will he ever have normal sleep again

Take a pill and you are gone, they even don't care about what happened, they'll sleep even better because now own millions.
I didn't know if skymining existed. Btw these scammers have great fantasy: hashocean, coince and a lot. People still can't learn on mistakes, that's very said. Especially this proposal makes sense that they were scammers:

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.

[proo7]

Was there some sky mining company which wasn't a scam?

I guess next exit will be SunMining, WinMining and many Cloud Mining sites also.

Hashflare is not far from this also...


But this one is so crazy ex CEO say “My last resort is to stay hidden from [the] public to protect my life”

Now hide like a mouse ... I wonder will he ever have normal sleep again

Take a pill and you are gone, they even don't care about what happened, they'll sleep even better because now own millions.
I didn't know if skymining existed. Btw these scammers have great fantasy: hashocean, coince and a lot. People still can't learn on mistakes, that's very said. Especially this proposal makes sense that they were scammers:

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.

I think that people learn from mistakes... well most of them,

but problem is that we always have fresh newbies...  that always repeat same mistakes...

[bitbunnny]

Why I'm not surprised with this news. Just another story in the row how shady cloud mining could be. Nevertheless, people are still interested in it and the worst is that many don't learn anything from other people's mistakes.
I wonder if there will ever be some news about any legit cloud mining service.

[vincl]

Everyone says Genesis Mining is legit, and not scam,
but who knows how long that will last also....

I have seen that even older members here consider Genesis Mining to be legit. It's only based on vague videos on YouTube and that they are still paying people. Both are in no shape or form evidence that they are running a semi fair business. The only way for them to prove that they are actually as big as they are, is to have them publicly share their mining addresses, but they have been refusing to do so for years. It's not that you can remain undetected with how open everything is, but there is no clear sign of Genesis Mining and we probably never see them open up to comfort people. We'll see how long they continue to pay people....

I´ve visited their iceland facility in march. Im pretty sure they own all the hashrate they sell. Why should they sell stop selling mining contracts when its a ppnzi? that doesnt makes sense

they also hired a former blackrock guy
https://blog.genesis-mining.com/shah-hafizi-chief-compliance

genesis is really the only 100% legit cloud mining company, even they are quite expensive

[babygun]

Another cloud mining site that goes scam. I always wonder what people fall into this scam but I suppose that some people fall for the quick rich scheme these sites offer.

[pugman]

SON OF A BITCH!

Its really shameful that things like these are happening,and innocent people are getting scammed.

He is not going to escape easily with those 35 million $, he probably will end up getting caught sooner or later.

What I'm really intrigued is, why do the rest of team except the CEO are playing the victim card? Do they really not know anything? 

There are some people who are too ignorant to believe that an actual scam isn't a scam. I could see that being a reason, or they were involved in the scam together, but this fucker here betrayed them, which technically makes them the victim here.

[leowonderful]

Another cloud mining site that goes scam. I always wonder what people fall into this scam but I suppose that some people fall for the quick rich scheme these sites offer.

I find it's mostly people that don't frequent this part of the forums, or people that haven't discovered Bitcointalk yet, as well as the people that just have too much trust in these schemes. People will fall for these scams for as long as Bitcoin and crypto exists, but it helps most people here are against cloudmining.

ICOs are also relatively risky, as detailed in the end of the linked article in the OP, but typically not all of them end up with an exit scheme that's common with cloudmining operations.

[richardsNY]

I´ve visited their iceland facility in march. Im pretty sure they own all the hashrate they sell. Why should they sell stop selling mining contracts when its a ppnzi? that doesnt makes sense

Who are you and what's your relation to Genesis Mining? I find it very hard to believe that you actually visited their mining facility. No large miner will share its location with the outside world with how much risk they expose themselves to. It's not only a risk in terms of theft, but also a risk when it comes to competitors. On top of that, as long as there aren't any mining addresses, and I haven't seen any, they don't own the hashrate they are selling. I know the mining addresses of the largest miners, which is publicly known information. The only mining addresses I don't see pop up are the ones from all the scummy cloud mining services. Don't you think that's suspicious?

[Rahar02]

This is another example how bad investment will end, one of many cloud mining based scams just the cash flow but not able to generate enough money to payback investors as bitcoin price goes down and their business can't survive.
Sky mining declare converting CO2 to electricity but it wasn't clear how they managed to do that, they don't show the process at all, this is a red flag to avoid but in general all those cloud mining can't give profits to investors continuesly forever.

[CoinEraser]

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

-snip-

I've never heard of good cloud mining services and Sky mining seems join in there. I do not understand why people fall for it again and again. Only the provider earns in cloud mining. Even if the ceo did not disappears with the money, cloud mining is usually not profitable for the end user. 

[Slow death]

how could this be done without anyone seeing it?

I think the whole team is in on this. $35 million dollars is by no means a small amount. It can set the whole team for life. From what I think To keep the heat low they didn't disappear all at once. They are playing the victim card to cool things down and once the things are calm enough they too will disappear in thin air. Mark my words! I have seen this happening my times before. Especially in Local Ponzies.

this is a strategy used by scammers when they want to avoid being arrested and at the same time want to stop the police from doing a good job of investigating, if some scammers remain in the place can easily change the evidence and induce police to fall into error. This is because the scammers will be directing the police with false leads.

Everyone says Genesis Mining is legit, and not scam,
but who knows how long that will last also....

I have seen that even older members here consider Genesis Mining to be legit. It's only based on vague videos on YouTube and that they are still paying people. Both are in no shape or form evidence that they are running a semi fair business. The only way for them to prove that they are actually as big as they are, is to have them publicly share their mining addresses, but they have been refusing to do so for years. It's not that you can remain undetected with how open everything is, but there is no clear sign of Genesis Mining and we probably never see them open up to comfort people. We'll see how long they continue to pay people....

I´ve visited their iceland facility in march. Im pretty sure they own all the hashrate they sell. Why should they sell stop selling mining contracts when its a ppnzi? that doesnt makes sense

they also hired a former blackrock guy
https://blog.genesis-mining.com/shah-hafizi-chief-compliance

genesis is really the only 100% legit cloud mining company, even they are quite expensive

How did you get to see their mining equipment?

[Mahanton]

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

-snip-

I've never heard of good cloud mining services and Sky mining seems join in there. I do not understand why people fall for it again and again. Only the provider earns in cloud mining. Even if the ceo did not disappears with the money, cloud mining is usually not profitable for the end user. 

You are right, even if we do just stick or based on cloud mining investments it do already signifies that this thing wont really be profitable but still people do decide to invest into this thing, I do said to my self like,WTF again and again?
Now the CEO disappears ran all of investors funds and now they are crying? I'm not really being too harsh but I do say that was just right for them to learn that Cloud mining is already a SCAM plus the tendency of ICO Scam too then it would be a double dead for you. 

[milewilda]

Everyone says Genesis Mining is legit, and not scam,
but who knows how long that will last also....

I have seen that even older members here consider Genesis Mining to be legit. It's only based on vague videos on YouTube and that they are still paying people. Both are in no shape or form evidence that they are running a semi fair business. The only way for them to prove that they are actually as big as they are, is to have them publicly share their mining addresses, but they have been refusing to do so for years. It's not that you can remain undetected with how open everything is, but there is no clear sign of Genesis Mining and we probably never see them open up to comfort people. We'll see how long they continue to pay people....

I´ve visited their iceland facility in march. Im pretty sure they own all the hashrate they sell. Why should they sell stop selling mining contracts when its a ppnzi? that doesnt makes sense

they also hired a former blackrock guy
https://blog.genesis-mining.com/shah-hafizi-chief-compliance

genesis is really the only 100% legit cloud mining company, even they are quite expensive

How did you get to see their mining equipment?

Maybe his a VIP.lol which he do able to see their mining equipment and telling up things that they are legit. They are really operating and they wont really stop on this venture because inspite on rising of difficulty then can still able to sip out some good profits and regarding into their contract yes they do really have that agreement about purchasing hash power which you can option out to ship your asic/gpu into you but even after all these years i didnt able to see for those people who do get their miners to these companies.

[Kemarit]

I see some petitions from (https://www.change.org/p/deporting-prohibited-entry-scammer-le-minh-tam-vietnamese-cheater). They are demanding that Le Minh Tam, be deported from the US where he is said to have fled after the scam blow off. Gonna be interesting if he is actually hiding in the US, because sooner or later he will be caught and put to justice.

[C0ld_Zero]

This is big scam in Vietnam. Sky Mining plans to invest $ 100 to $ 50,000 to raise capital to buy virtual machines and send Sky Mining a $ 300-per-million-per- Investors only need to pay money to the account of Sky Mining, the interest and monthly principal will automatically transfer to investors.
After a year of operation, Sky Mining has mobilized tens of thousands of participants with the amount of about $ 30 million.
In Vietnam, I do not understand why so many people can easily be fooled. They invest hundreds of thousands of dollars in this fraudulent system, hoping to make a profit. They have so much money to invest that they are not stupid. But because they are too greedy, hoping to make money easily should have trapped fraud.
This is also a wake-up call for those in a daze, wanting to make quick and easy money through this multi-level system

[carlfebz2]

I see some petitions from (https://www.change.org/p/deporting-prohibited-entry-scammer-le-minh-tam-vietnamese-cheater). They are demanding that Le Minh Tam, be deported from the US where he is said to have fled after the scam blow off. Gonna be interesting if he is actually hiding in the US, because sooner or later he will be caught and put to justice.

No one can hide forever and sooner or later that Le Minh Tam would be deported and will surely face those problems he made with investors money.

In Vietnam, I do not understand why so many people can easily be fooled. They invest hundreds of thousands of dollars in this fraudulent system, hoping to make a profit. They have so much money to invest that they are not stupid. But because they are too greedy, hoping to make money easily should have trapped fraud.

Nothing new and people who do lack knowledge on how things works in crypto and together with human greed and do believe on easy money then these are definitely the reason why people do still remained to be a fool to obvious scam things.