SEC Charges VBit CEO in $48M Bitcoin Fraud Case

• The SEC accuses Danh C. Vo of misappropriating $48.5 million from investors.
• More than 6,400 investors were allegedly misled through unregistered securities tied to bitcoin mining.

On December 18, 2025, the U.S. Securities and Exchange Commission (SEC) announced charges against Danh C. Vo, founder and CEO of VBit Technologies Corp., for allegedly misappropriating $48.5 million in a fraudulent bitcoin mining scheme. Over $95.6 million was reportedly raised from investors in this operation.

According to the SEC’s complaint, filed in federal court in Delaware, Vo allegedly deceived 6,400 investors by offering unregistered securities marketed as “Hosting Agreements,” promising passive income from bitcoin mining. The complaint claims VBit sold far more hosting plans than its mining operations could support, misleading investors about the company’s capacity and profitability.

The SEC further alleges that Vo diverted investor funds for personal expenses, including gambling, and gifted over $5 million to family members, who are named as relief defendants in the case. Vo fled the U.S. in November 2021 with a significant portion of the stolen funds, the SEC stated.

Charged with violating federal securities laws, Vo faces possible permanent injunctions, repayment of misappropriated funds with interest, civil penalties, and a lifetime ban from serving as an officer or director of any company. Family members linked to the case have agreed to return the funds, pending court approval.