Tag : mining

BV Prime

Sky Mining CEO Disappears with $35 Million

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The CEO of Sky Mining, a company based in Vietnam has disappeared. Citing medical issues, the CEO of the Vietnam-based mining platform has left the country with more than $35 million from investor and company funds. He has made the claim that medical reasons require him to leave the country for a little while.
The company based in Ho Chi Minh reported the disappearance of their CEO on the 29th of July. Le Minh Tam had been out of contact with everybody from the company during the days leading up to his disappearance. He is being alleged of secretly running away with $35 million. This is also the total amount of money which Sky Mining Company had and this includes its investor funds.
Mining Operation in Thin Air
As more light gets shed on the matter, it was revealed that Tam had it planned for a while. This can be surmised from the fact that the entire main office of Sky Mining in Ho Chi Minh in the Phu Nhuan district had been cleared out on Le Minh Tam’s orders. With Tam’s disappearance, the investors of the company went looking for answers.
What they found was that the office was completely closed and the company’s branding on the office was removed. More than 600 mining computers which the company had owned were found in a nearby district. Apparently, maintenance workers had come and removed all of them as well.
The Deputy Chairman of Sky Mining formulated a temporary board so that the company could help investors regain the lost amount in funding. Le Minh Hieu is under the suspicion that Le Minh Tam has fled to the United States according to statements made in an interview.
The matter has been reported and the police have been involved. The Deputy Chairman Minh Hieu says that the rest of the company is a victim as well in the whole matter.
The Sky Mining Platform claims to be one of the largest if not the largest cryptocurrency mining operations in the country. The company offers mining services whose monthly pricing range from $100 to $5000, based on their investor’s interests. The company had previously made promises to their investors about massive returns for their money. Depending on their investments, they were promised up to three times of their original investment into the Sky Mining platform.
To make good on their promises, the company purchased over seven thousand cryptocurrency mining rigs. The sudden disappearance of the CEO along with all their money has understandably made everyone angry. Now, the Deputy Chairman Le Minh Hieu and the board members of the company are left facing the brunt of it.
Le Minh Tam’s Mystery Illness
The CEO of Sky Mining has apparently published a notice on the investor Facebook group for Sky Mining. In this notice, he claims that the volatile nature of the market and drop in mining rig value has resulted in a huge loss. The profitability of the company isn’t what it was before and the company will reimburse all its investors.
He also added that he needs to stay out of the public eye because his life is under threat. This was on the 25th of July.
After that, he published another update – a video of the Sky Mining CEO saying that he had to leave the country due to medical reasons. He is currently going through emergency treatment for his health and will return to the country after a week. This was on the 29th of July through Telegram.
Probably Not Happening
Despite Tam’s claims, it seems unlikely that the company will ever restart its operations. Considering the history of cryptocurrency scams coming out of Ho Chi Minh-based companies, the company’s re-emergence isn’t happening.

BV Prime

Cryptocurrency Mining Operation has Been Halted in Chinese Region

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Keeping in compliance with the Chinese government’s plan to eradicate Bitcoin mining operations in the country by the end of this month, a small Chinese province has shut down an illegal cryptocurrency mining operation in the region.
Crackdown
The regional news, Jinse, reported that Xinjiang Uyghur in the northwestern part of China has identified what is an illegal mining operation taking place in the region. The small province is an ideal location to carry out the mining operation due to the naturally cold climate in the region, which significantly reduces the need for cooling systems for the heavy mining computers they had set up within their mining operation.
The region has been subject to the agriculture industry’s attention mainly, until the point that cryptocurrency mining operations began in the country. Since then, there have been a number of ventures in the region looking to utilize the cryptocurrency mining friendly environment to carry out operations. While the government has been pushing the larger metropolitan cities like Shanghai and Beijing to help boost the economy of the Xinjiang region, it is obvious that they are not going to allow that to happen through the prospect of cryptocurrency mining.
According to a notice issued by the Economic and Information Commission of Xinjiang, any entity which is not formally registered with the Chinese government and is utilizing electricity without the necessary permits is considered to be an operator of illegal mining. The government notice also demanded the shutting down of any such companies by the local utility suppliers.
Utility Firms Delegated With Crackdown
The EIC has essentially tasked the local utility suppliers to crackdown on all the illegal mining operations according to their discretion. The departments have not been given a very long time to follow through on the directives of the government. Their deadline to shut down all the illegal mining operations within their respective regions has to be done and dealt with by the August of 2018.
In the case that one of the local suppliers of utilities is not able to shut down the illegal mining operations in the given time, they will be held accountable and face the consequences of incompetency.
This decision follows the efforts which began at the start of 2018 with the authorities in the Xinjiang province calling for regular reporting being done on Bitcoin mining operations within the different areas of the province. Initially, they wanted to create the sort of regulatory framework to phase these illegal Bitcoin mining operations out in a diplomatic manner but the latest turn of events clearly shows that diplomacy has gone out the window.