Mining company founder accused of massive fraud: over $95 million of investor funds embezzled

2025-12-18 15:20:13

【Crypto World】Regulatory authorities recently filed a lawsuit against Bitcoin mining company VBit and its founder and CEO Danh C. Vo. The charges are serious—fraud and unregistered securities sales.

What exactly happened? Vo and VBit tricked investors through a scheme. They sold custody agreements claiming to correspond to a certain number of mining machines, but the actual number of operating miners was far below the promised scale. In this way, they raised over $95.6 million from investors.

What’s even more outrageous is that this money was not truly used for mining expansion. According to the indictment, Vo embezzled at least $48.5 million of it. By the end of 2021, he simply left the United States. Where did the embezzled funds go? Gambling, giving gifts to family members—just spent away.

This case once again reminds investors: in crypto investments, especially projects involving physical asset custody, be vigilant about information asymmetry. Can the promises be verified against reality? Is the flow of funds transparent? All these questions need to be carefully examined.

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DancingCandles

· 2025-12-20 06:19

Another classic trick, mining scams are always unstoppable. --- $95.6 million directly diverted to gambling? Now that's true "all in." --- Wake up everyone, custodial agreements are just paper tigers. With the number of mining machines not matching, who still falls for such basic scams? --- Leaving the US, huh? This guy has learned the three-step routine of running away. --- Why is it always the same pattern? Where are the promised mining machines? --- Gambling with gifts worth 48.5 million, a life winner. --- Dare to call this fundraising? An outright Ponzi scheme.

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BrokenRugs

· 2025-12-18 15:42

It's the same old trick again. Custodial mining is really a trap... Just looking at the numbers gives me a headache. Gambling? Giving gifts to family members? Man, how clueless can you be? Over 95 million just vanished like that, investors must be crying their eyes out. Why do these things always only get exposed after a scam has run away? Where is the regulation? From now on, hearing the name VBit will directly put it on the blacklist. There's nothing more to say.

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