Tag : Vietnam

BV Prime

Sky Mining CEO Disappears with $35 Million


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

Imports of Cryptocurrency Mining Equipment Suspended in Vietnam


According to the local news agency in Vietnam called Viet Nam News, July 19th saw the announcement by the Vietnamese central bank the State Bank of Vietnam that they will be placing a band on the imports of all cryptocurrency mining hardware effective immediately.

This is not a surprising move to a lot of people in the country as it comes in the light of the Ministry of Industry and Trade suggesting a temporary ban on imports of cryptocurrency mining hardware. Their proposal came because of the exceedingly overwhelming volume of hardware being brought into the country through Ho Chi Minh, Da Nang and Hanoi was almost 160,000 units from last year up until April of 2018.

Trinh Dinh Dung, the Deputy Prime Minister had asked the Ministry of Industry and Trade, the Ministry of Finance and the State Bank of Vietnam to get a statistical study done on the imports of cryptocurrency mining hardware based on the regulations they had in place at the time. The Deputy Prime Minister asked them to provide suggestions and guidance based on what they found.

The Viet Nam News reported that the suspension of imports of cryptocurrency mining hardware imposed by the country is aiming to improve the flow of currency within the country. The use of cryptocurrency mining equipment makes the process too complex. This ban is also part of the country’s efforts to make sure that the cryptocurrencies do not become an alternative means of transaction in the country to their traditional fiat currency. This is also actually why the use of cryptocurrencies for transactional activities was declared illegal in the country last year.

The Ministry of Finance in Vietnam also proposed a temporary ban on imports of cryptocurrency mining hardware back in June because of the fact that the cryptocurrencies being mined made it difficult for them to regulate the increasing flow of the digital assets. The proposal by the Ministry of Finance in Vietnam was based more on the protection of citizens from cryptocurrency scams. Considering the fact that there was a scam worth an alleged value of over $650 million taking place in April, it is not so surprising that regulatory bodies have sprung into action in Vietnam. The two ICOs involved in the cryptocurrency scam were both headed by an outfit based in Vietnam.

Vietnam is looking to poise itself better so that it can get the cryptocurrency revolution under control before it gets out of their hands.