PANews reported on December 18 that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Danh Vo, founder and CEO of Bitcoin mining companyPANews reported on December 18 that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Danh Vo, founder and CEO of Bitcoin mining company
The SEC has filed a lawsuit against the founder of Bitcoin mining company VBit, involving approximately $48.5 million.
PANews reported on December 18 that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Danh Vo, founder and CEO of Bitcoin mining company VBit, accusing him of misappropriating approximately $48.5 million in a fraudulent investment project. The SEC alleges that Vo raised over $95.6 million from approximately 6,400 investors through an unregistered "Bitcoin mining custody agreement," falsely advertising the scale and returns of mining operations, and using some of the funds for gambling and transferring money to family members. The SEC alleges that his actions constitute unregistered securities offering and securities fraud; the company has since ceased operations.
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