The Securities Exchange Commission (SEC) has filed charges against Danh C. Vo, founder and CEO of bitcoin mining company VBit, alleging that he misappropriated $48.50 million, some of which was used for gambling and buying gifts for his family.
Vo, 37, and VBit Technologies Corp. raised more than $95.60 million from about 6,400 investors, according to an indictment filed Wednesday by the SEC in federal district court in Delaware. The SEC alleges Vo lied to investors about how his bitcoin mining business operates and plans to use the funds.
The SEC said VBit sold custody agreements to investors that far exceeded the amount of mining equipment it actually operated. Vo transferred $5 million to family members and ex-wives, who were also named as defendants. In November 2021, Vo filed for divorce and left the United States with the remaining embezzled funds.
VBit was acquired by Advanced Mining Group in 2022.
SEC charges bitcoin miner VBit CEO with embezzling $48.50 million for gambling and family expenses
2025-12-18 15:09:08
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