The U.S. Securities and Exchange Commission (SEC) has filed a civil complaint against Danh C. Vo, founder of VBit Technologies Corp., accusing him of misusing $48.5 million in investor funds. According to the SEC, VBit raised over $95.6 million from 6,400 investors through Hosting Agreements that allegedly misrepresented the company's mining capacity and operations. The SEC claims that instead of using the funds for legitimate business purposes, Vo diverted them for gambling and personal expenses. This case underscores the potential risks associated with unregulated cryptocurrency mining schemes, as Vo reportedly left the U.S. after the alleged misconduct.