The Securities and Exchange Commission (SEC) has filed a lawsuit against Danh C. Vo, founder of VBit.

The SEC’s complaint, seen by FX News Group, was submitted at the Delaware District Court on December 17, 2025.

Danh C. Vo, age 37, was formerly a resident of Philadelphia, Pennsylvania. He founded VBit in 2018 and served as its CEO through at least January 2022.

The case involves Vo’s scheme that defrauded investors of approximately $48.5 million in connection with his bitcoin mining business called “VBit.” Vo solicited investors by lying to them about the nature of the business, its assets, and how he would use their money.

The SEC’s complaint alleges that, from at least December 19, 2018 through at least February 13, 2022, Vo, through his company VBit Technologies Corp., and its purported successor, Advanced Mining Group, raised over $95.6 million from approximately 6,400 investors in an unregistered and fraudulent offering.

Vo claimed that VBit offered investors “a turnkey solution for average people to start making a passive income stream through Bitcoin mining without all the headaches of operating the machines.”

Vo offered and sold investment contracts to investors that purported to provide investors with passive profits from mining rigs that – though ostensibly purchased by investors from VBit—were entirely controlled and operated by VBit.

While some investors received returns on their investments, others suffered substantial losses, and Vo misappropriated $48.5 million.

The complaint states that Vo transferred over $5 million of the misappropriated investor funds to his family members.

On or about November 20, 2021, Vo left the United States with the remainder of the misappropriated funds.

The SEC seeks, inter alia, permanent injunctions, civil monetary penalties, and director bars.