The U.S. Securities and Exchange Commission (SEC) has charged Danh C. Vo, founder and CEO of Bitcoin mining company VBit Technologies, with misappropriating $48.5 million in a fraudulent investment scheme. The SEC alleges that Vo used part of the funds for gambling and gifts to family members. Vo and VBit Technologies reportedly raised over $95.6 million from approximately 6,400 investors, misleading them about the operations and financial plans of the mining business. Investors were involved in Bitcoin mining through the purchase of mining machines or "hosting agreements." However, the SEC claims that the number of hosting agreements sold far exceeded the actual number of mining machines operated by VBit. Vo allegedly transferred $5 million to family members and his ex-wife, and left the U.S. with some of the funds following his divorce in November 2021. VBit was acquired by Advanced Mining Group in 2022 and has since ceased operations.