[U.S. SEC Accuses VBit Founder of Misappropriating $48.5 Million and Committing Fraud]
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, Danh C. Vo and VBit raised over $95.6 million from approximately 6,400 investors, selling custodial agreements far exceeding the actual operational capacity of the company's mining machines. The SEC stated that Danh C. Vo transferred about $5 million to his family and former spouse and left the United States in November 2021. VBit was acquired in 2022, and the related mining operations have since ceased.
