SEC charges CEO of Bitcoin miner VBit with $48.5M fraud

The U.S. Securities and Exchange Commission (SEC) has charged Danh C. Vo, the CEO of Bitcoin mining company VBit, with embezzling $48.5 million and selling unregistered securities, The Block reported. According to the SEC, VBit raised over $95.6 million from approximately 6,400 investors. The commission alleges that the company misled investors about its Bitcoin mining operations and its plans for using their funds. VBit was acquired by Advanced Mining Group in 2022 and has since ceased operations.