CEO Sky Mining May be Gone With $35M

Information about the incident was also transmitted to the local police
31 July 2018   441

From accounts of the Vietnamese mining company Sky MiningĀ $ 35 million disappeared. According to the Coindesk, the funds could be stolen by the CEO of Le Minh Tam, who disappeared without a trace about a week ago.

Before disappearing Tam wrote on Facebook that the profitability of his business fell along with the prices of cryptocurrency and asked investors to forgive "for everything". He also invited them to the company's office in Ho Chi Minh City to allegedly return the invested funds and officially declare bankruptcy.

However, the arriving investors found that the office was closed, and 600 devices for crypto currency export were exported to an unknown destination.

Vice Chairman of Sky Mining Le Minh Hie suggests that there could escape to the United States. He also said that the company formed a council to help the affected investors and assess the damage caused.

Information about the incident was also transmitted to the local police.

In April, the Vietnamese authorities launched an investigation into the company Modern Tech, which is suspected of fraud and misappropriation of 32 thousand ICO-investors for $ 660 million.

Bitmain to File IPO Application

The application was sentĀ to Hong Kong Stock Exchange (HKEX)
27 September 2018   386

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva