US SEC Accuses Bitcoin Mining Company VBit Founder of Misappropriating $48.5 Million and Committing Fraud

ChainCatcher news, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against VBit Technologies Corp. founder and CEO Danh C. Vo, accusing him of misappropriating approximately $48.5 million in a fraudulent investment scheme. According to SEC documents, Vo and VBit raised over $95.6 million from about 6,400 investors, and falsely described the bitcoin mining business model and the use of funds in their promotions.