The chief executive of a Vietnamese cryptocurrency mining startup that managed to raise $35 million from investors is reported to have disappeared with all of the funds raised.

Le Minh Tam, the founder and CEO of Sky Mining disappeared on July 26, according to VN Express. The company’s office in Phu Nhuan District in Ho Chi Mihn City had also closed, with cryptomining rigs promised by the company taken away by a group of people claiming to be maintenance workers.

The startup said it would rent cryptominers to investors for between $100 and $5,000, with each miner promising to deliver a 300 percent annual return. The cryptominers were to be stored by Sky Mining at 26 “storage spots” across Vietnam with the rental period ranging between 15 and 18 months.

In a letter to investors reported by ICOVN, Tam said he didn’t want the company to go under but market circumstances had made his ability to deliver on his promises difficult — in particular, the cost of acquiring the equipment.

Although not spelling that out, mining equipment ranging from graphics processing units to to application-specific integrated circuit or ASIC rigs continue to rise in price as demand continues to increase. For example, though most computer equipment gets cheaper with time, last year alone the cost of an average graphics card doubled in price.

Tam went on to claim that he had to leave the country because he feared for his life even though he wanted to stay and try to rectify the situation. Vietnamese media claimed he’s in the U.S., but that has not been confirmed.

Victims of what appears to be a scam have petitioned Vietnam police to take legal action against Tam and the company. Meanwhile, the deputy chairman of Sky Mining, Le Minh Hieu, said he has formed a temporary board of 16 people to support investors and calculate remaining assets.

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