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U.S. SEC Charges VBit CEO, a Bitcoin Mining Firm, with Allegedly Misappropriating $48.5 Million in Funds

U.S. SEC Charges VBit CEO, a Bitcoin Mining Firm, with Allegedly Misappropriating $48.5 Million in Funds

2025-12-18 22:58

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ChainThink report, December 18: According to The Block, the U.S. Securities and Exchange Commission (SEC) has charged Danh C. Vo, founder and CEO of Bitcoin mining company VBit, with misappropriating $48.5 million in funds, some of which were used for gambling and gifting family members.


The SEC stated that Vo and VBit Technologies Corp. collectively raised over $95.6 million from approximately 6,400 investors. The allegations are detailed in a complaint filed Wednesday in the U.S. District Court for the District of Delaware. The SEC alleges that Vo made false representations regarding the operational structure of the Bitcoin mining business and the intended use of investment capital.


The SEC also claims that Vo previously assured investors that VBit would provide a "one-stop solution" for ordinary individuals, enabling them to earn passive income through Bitcoin mining without enduring the complexities of operating mining hardware.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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