A bitcoin mining company’s founder misappropriated $48.5 million in investor funds and made false promises about passive income from cryptocurrency mining equipment that he claimed to operate on their behalf, the SEC said.
Danh C. Vo raised $95.6 million overall from about 6,400 investors through his company VBit Technologies Corp. and its successor Advanced Mining Group from December 2018 through February 2022, according to the Securities and Exchange Commission’s complaint filed Wednesday in the US District Court for the District of Delaware.
Vo sold “hosting agreements” that promised investors passive profits from bitcoin mining rigs that VBit would purchase and ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.