Home
News
Details

SEC Charges VBit Founder with $95M Bitcoin Mining Fraud

iconCoinrise
Share
Share IconShare IconShare IconShare IconShare IconShare IconCopy
This is the logo of the coin.
BTC
$88,884.000.9%
U.S. SEC news reveals that Danh C. Vo, founder of VBit Technologies Corp., has been charged with fraud and offering unregistered securities. The SEC alleges Vo raised over $95 million from 6,400 investors by falsely claiming the scale of VBit’s Bitcoin mining operations. He misused $48.5 million for personal expenses, including gambling and luxury gifts. VBit’s hosting agreements, once a key draw for investors, are now void. The company is defunct, and Vo fled the U.S. in 2021 amid a divorce filing, taking remaining funds.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.