Skychain Technologies Reports Major Asset Losses After Board Reconstitution and Internal Probe

Board-Commissioned Investigation Uncovers Extensive Asset Transfers

On July 27, 2026, Skychain Technologies announced preliminary findings from its internal investigation into the status and disposition of assets tied to the Miningsky project. This probe was launched by the newly reconstituted Board of Directors following a court decision regarding the replacement process of the previous Board.

Following the Board’s reconstitution, a thorough review of historical operations, corporate and financial records, and project assets was initiated. This review revealed significant inconsistencies between documented historical assets and those currently owned or controlled, prompting a formal internal investigation into the Miningsky project’s asset disposition.

Miningsky Project Overview and Investment Details

Miningsky, a wholly owned subsidiary of Skychain, was created to develop the Miningsky 12MW Bitcoin mining project in Manitoba. Prior to suspension, the project involved substantial investments in electrical infrastructure, equipment, and real estate.

The project was a major undertaking for Skychain, involving acquisition of high-value power transformers and related electrical infrastructure essential for Bitcoin mining operations. Additionally, the company acquired real property in Melita, Manitoba, intended as the mining facility's operational site.

Investigation Highlights Missing Transformers and Equipment

The investigation found that two power transformers initially purchased for the Miningsky project are no longer owned by Skychain and are held by private parties, currently listed for sale via an industrial equipment broker. Furthermore, nine additional transformers in Manitoba have been transferred to third parties.

Six storage containers linked to the project remain onsite but are no longer under company control. This loss of operational equipment and storage infrastructure represents a significant depletion of the physical assets originally assembled. Director West Ma was tasked with conducting site inspections, reviewing public records, and gathering information from involved parties as part of the investigation.

Loss of Project Property and Land Ownership

A critical discovery is that the Miningsky project property in Melita, Manitoba, is no longer owned by Skychain. Manitoba Land Titles records confirm that ownership changed after the original acquisition.

The loss of this real property constitutes a fundamental asset depletion for the company. Retaining ownership could have provided collateral or a foundation for resuming operations or alternative uses. The Land Titles review provides documentary proof that this asset is no longer available to support Skychain’s operations or obligations.

Board’s Findings on Timing of Asset Dispositions

The Board’s preliminary assessment indicates that most asset transfers or disposals occurred prior to the current Board’s oversight, during the tenure of the previous Board of Directors before the recent court-mandated reconstitution.

The company acknowledged that assets originally acquired for the Miningsky project, which could have supported operations or fulfilled obligations, are no longer available. The Board highlighted that retaining these assets would have represented significant value to meet corporate commitments and contractual arrangements.

Incomplete Return of Management Control and Records

A major challenge in fully investigating the situation is the incomplete return of corporate materials and records. As of July 22, 2026, previous management has not fully relinquished control. Financial records (both digital and paper), corporate minute books, and company email accounts remain unrecovered by the reconstituted Board.

The lack of comprehensive historical financial and corporate documentation hinders a complete understanding of the timing, nature, and financial details of asset dispositions. This suggests that the investigation’s findings may be partial, with further material information potentially emerging once all records are retrieved.

Ongoing Review of Financial Transactions

In addition to physical asset disposition, Skychain is reviewing historical financial transactions to ascertain the status of corporate funds and identify further recovery opportunities. Specific findings from this financial review have not yet been disclosed, indicating the review is ongoing.

This financial investigation is critical as it may reveal whether proceeds from asset transfers were received and properly accounted for, or if unauthorized or irregular transactions occurred. Results could have significant implications for potential recovery efforts or legal claims.

Engagement of Legal Counsel and Potential Remedies

Skychain has retained legal counsel to evaluate the investigation’s findings and explore all legal remedies. Counsel is reviewing options for recovering corporate assets, examining historical asset and financial transactions, and assessing any claims or remedies under applicable law.

This legal engagement indicates the company is considering actions such as claims for breach of fiduciary duty against former directors or officers, claims against third parties who received transferred assets, or other remedies under corporate and commercial law. Specific claims under consideration have not been disclosed.

Ongoing Investigation and Commitment to Transparency

The internal investigation is ongoing, with Skychain committed to establishing a full factual record regarding historical asset dispositions. The company plans to pursue asset recovery or legal remedies as appropriate and in the best interests of stakeholders.

Skychain also expressed willingness to engage with shareholders and investors to discuss the matter, demonstrating a commitment to transparency. The company will provide updates as the investigation and legal review progress, signaling further disclosures may follow.