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