Cryptocurrency fraud is all too common in this mainly unregulated industry. Le Minh Tam, CEO of Sky Mining, is believed to be responsible for stealing $36m from investors before fleeing to the United States. A new petition on Change.org now demands his extradition from the US to face proper sentencing.
The controversy surrounding Sky Mining has been brewing for some time now. Any mining operation in the cryptocurrency world will be scrutinized and, in the case of Sky Mining CEO Le Minh Tam, the scrutiny is more than warranted. After raising $36m from investors, he decided to run off with the money shortly after collecting it.
Investors paid up to $5,000 for mining units sold by the company. A full return of investment was promised, alongside profits of up to 300 percent. Such rates attract a lot of attention, even though they are not sustainable. Guaranteed money making with cryptocurrency mining does not exist. Volatile price changes make it impossible to continuously turn any profit, let alone in the exaggerated percentages promised by Sky Mining.
Of course, Tam denies any guilt, claiming that parent company Sky Mining is the real culprit. In addition to investors’ money disappearing, all of the mining equipment was apparently removed from a factory leased by the company. The exit scam has caused an uproar within the cryptocurrency community as investors want to see their investments refunded and will go to great lengths to make that happen.
Over 1,000 people have signed a Change.org petition asking for the extradition to Vietnam of Le Minh Tam.
The petition claims that the alleged fraudsters behind the company “invited 5,000 persons with each investment package from $500 to $5000. They used money to buy machine to get Bitcoin and promised to share the profit with investors. But finally, they escaped with all money, estimated $36 million dollars. Their Victims are not only in Vietnam but also in Japan, Africa. Some of the victims borrow money or sold estate to invest, so now lose everything and someone had killed themselves. Cheaters buy house in San Jose California and now stay in Atlanta or Germany. We need them come back to Vietnam to solve problem. Please Expel them from your countries!”
The HCMC Police Department has been attempting to keep tabs on Tam’s movements. They know that he flew to Doha, Qatar on July 22, with the final destination remaining unclear. The Change.org petition claims he now resides in the United States, however, that claim not yet been confirmed by official sources at this stage. Uncovering his exact whereabouts may be a very big challenge. If he is in the US, getting him back to Vietnam may prove troublesome as the country has no extradition treaty with the US.
VCF.Today – Vietnam Crypto Forum