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Investors Petition for the Extradition of Sky Mining CEO Accused of Crypto Mining Scam

Nigel Gambanga · @nigelrtg | Aug 05, 2018 | 10:00

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Nearly a thousand people have signed a petition for the extradition of Leh Minh Tam, the CEO of Sky Mining, a cryptocurrency mining firm based in Ho Chi Minh City. The signatories are calling for Tam’s deportation from the United States following allegations that he fled after defrauding investors of $36 million.

Investors Intensify Efforts to Solve Their Problems

According to a VnExpress news report, the appeal was posted on Change.org earlier this week. Over 920 signatures had been collected for the online petition in three days.

This is not the first attempt that the Sky Mining investors have made to recover their money. When the news of the potential scam broke out last month, individual lawsuits were filed against Sky Mining and Leh Minh Tam.

A group of 20 investors also reportedly registered the issue as a case of fraud with the Vietnamese police.

This latest petition has been made to 7 authorities that include the German Chancellor Angela Merkel, Donald Trump, and the United Nations.

It identifies both Le Minh Tam and Le Minh Hieu, Sky Mining’s deputy chairman as “Vietnamese cheaters” and accuses them of fleeing with money collected from roughly 5,000 people.

Its petitioners are calling for the duo to be expelled from Germany and the United States, and to be returned to Vietnam in order to “solve the problem.”

The petition also makes the case that the victims of the alleged scam weren’t only from Vietnam, but also countries like Japan and Africa. The petition claims some of the victims sold other assets in order to invest in Sky Mining.

There is also word of one investor who committed suicide in the wake of the scam.

A Cryptocurrency Mining Company with Unrealistic Promises

Sky Mining attracted thousands of investors between March and July 2018 by pitching to investors the opportunity to buy into its cryptocurrency mining farms.

Sky Mining made claims that it was operating mining rigs from 26 locations in Vietnam. Investors plowed millions of dollars into the company, buying a series of mining contracts ranging from $100 to $5,000.

In a case similar to other mining scams, these were sold with promises of huge profits that guaranteed returns on principal investments within a short space of time. Investors were also offered commissions for referrals that brought in other investors to join the company.

However, the guarantees made to investors did not factor the increasing difficulty of mining, which affects the ability to generate consistently high returns through cryptocurrency mining.

Leh Minh Tam eventually fled the country and apologized, via Facebook, to investors for his actions. He stated that he would remain hidden in order to protect his life.

The details of the Sky Mining case paint a very compelling picture of an injustice that requires global attention, however, a resolution may prove to be difficult.

Vietnam reportedly does not have an extradition treaty with the United States and despite their popularity in the country, cryptocurrencies are not recognized in the Asian country.

Do you think that the United States should extend some kind of support to the people affected by the Sky Mining incident? Let us know what you think in the comments below.

Image courtesy of Shutterstock