SEC charges bitcoin mining firm VBit CEO involving $48.5 million misappropriated in bogus investment deals
The Block
The SEC charged VBit CEO Danh C. Vo with misappropriating $48.5 million from investors in bogus bitcoin mining deals.Summary
The U.S. Securities and Exchange Commission (SEC) charged Danh C. Vo, founder and CEO of bitcoin mining firm VBit Technologies Corp., alleging he misappropriated $48.5 million raised from approximately 6,400 investors.
The SEC claims Vo lied to investors about VBit's operations, promising passive income through mining rigs or hosting agreements, while selling agreements for far more rigs than the company operated. Vo allegedly used the misappropriated funds for personal expenses, including sending $5 million to family members, and fled the U.S. in late 2021. The SEC charged Vo with unregistered securities offerings and fraud, noting that VBit, which was acquired in 2022, is now defunct.
(Source：The Block)