The U.S. SEC Accuses Bitcoin Mining Company VBit CEO of Misappropriating $48.5 Million for Gambling and Family Expenses. According to Golden Finance reports, the U.S. Securities and Exchange Commission (SEC) has filed charges against Danh C. Vo, the founder and CEO of the Bitcoin mining company VBit, accusing him of misappropriating $48.5 million, some of which was used for gambling and purchasing gifts for family members. According to the complaint filed by the SEC on Wednesday in the U.S. District Court for the District of Delaware, 37-year-old Vo and VBit Technologies Corp. raised over $95.6 million from approximately 6,400 investors. The SEC alleges that Vo misled investors about the operational methods of his Bitcoin mining business and the intended use of funds. The SEC stated that the number of hosted agreements sold by VBit to investors far exceeded the actual number of mining equipment it operated. Vo transferred $5 million to family members and his ex-wife, who are also listed as defendants. In November 2021, Vo filed for divorce and left the U.S. with the remaining misappropriated funds. VBit was acquired by Advanced Mining Group in 2022.

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