ME News message, December 20, (UTC+8), the SEC on Wednesday filed a lawsuit against Bitcoin mining company VBit and its founder Danh Vo in federal court in Delaware, accusing them of fraud and misappropriating about $48 million of investor funds by selling hosted agreements in excess of the actual number of mining machines from 2018 to 2022. The SEC believes that VBit's investment contracts meet the Howey test standard for defining securities. The SEC stated in the document that "the profit prospects for each investor are allegedly tied to those of other investors, as the opportunities for all investors to make a profit are directly related to the performance of the larger VBit mining pool, and the more investors recruited into the pool, the greater the opportunity to acquire more Bitcoin." (Source: ME)