The U.S. Securities and Exchange Commission has charged Danh C. Vo, founder and CEO of bitcoin mining company VBit Technologies Corp., with defrauding investors out of $48.5 million. 

According to the SEC, Vo misused the funds for gambling, cryptocurrency purchases, and gifts to family members, while misleading investors about the operations of his business.

The complaint, filed in the U.S. District Court for the District of Delaware, alleges Vo raised over $95.6 million from approximately 6,400 investors between December 2018 and February 2022. 

He sold “hosting agreements,” which promised investors a share of profits from bitcoin mining rigs operated by VBit. Most…

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