The SEC Charges Bitcoin Mining Firm VBit CEO with Embezzling $48.5 Million

BlockBeats News, December 18th, according to The Block, the U.S. Securities and Exchange Commission (SEC) has charged Danh C. Vo, the founder and CEO of Bitcoin mining company VBit, with embezzling $48.5 million, some of which was used for gambling and giving gifts to family members.

The SEC stated that Vo and VBit Technologies Corp. collectively raised over $95.6 million from approximately 6,400 investors. The related charges are outlined in a lawsuit filed on Wednesday in the U.S. District Court for the District of Delaware. The SEC noted that Vo made false statements to investors about the operation of the Bitcoin mining business and the use of investment funds.

The SEC also noted that Vo had told investors that VBit would provide an "all-in-one solution" for ordinary people, allowing them to earn passive income through Bitcoin mining without the hassle of operating mining machines.