Litigation Releases (Danh C. Vo)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26448 / December 17, 2025

Securities and Exchange Commission v. Danh C. Vo, Defendant, and Phuong D. Vo, My Tien Thi Nguyen, Danny H. Vo, and Diem Vo, Relief Defendants, No. 1:25-cv-01513 (D. Del. filed Dec. 17, 2025)

SEC Charges Individual with Misappropriating $48.5 Million in Bitcoin Mining Investment Scheme

On December 17, 2025, the Securities and Exchange Commission charged Danh C. Vo, founder and CEO of VBit Technologies Corp., with fraudulently raising over $95.6 million from approximately 6,400 investors and misappropriating $48.5 million of investor funds in connection with his bitcoin mining business called "VBit."

The SEC's complaint alleges that Vo, formerly of Philadelphia, Pennsylvania, solicited investors by lying to them about the nature of VBit's business, its assets, and how he would use their money. According to the complaint, Vo offered and sold "Hosting Agreements" that purported to provide investors with a passive income stream through bitcoin mining-the process of using high-speed computers (known as "mining rigs") to solve complex algorithms to validate and secure transactions on the blockchain and earn bitcoin. The complaint alleges that Vo, through VBit, sold Hosting Agreements for far more mining rigs than VBit was actually operating. The complaint further alleges that Vo misappropriated $48.5 million from investors and used large sums of the misappropriated funds for gambling and gifts to family members before he fled the United States.

The SEC's complaint, filed in federal court in Delaware, charges Vo with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks permanent injunctions, disgorgement with prejudgment interest, a civil penalty, and an officer and director bar against him. The complaint names as relief defendants Vo's family members, Phuong D. Vo, My Tien Thi Nguyen, Danny H. Vo and Diem Vo. The relief defendants have consented to final judgments, subject to court approval, ordering them to pay disgorgement of ill-gotten gains.

The SEC's investigation was conducted by David Snyder, Han Nguyen and Assunta Vivolo of the Division of Enforcement's Market Abuse Unit, and Jacquelyn D. King of the SEC's Philadelphia Regional Office, and was assisted by Tom Bedkowski of the Cyber and Emerging Technologies Unit. The investigation was supervised by Laura D'Allaird, Chief of the Cyber and Emerging Technologies Unit, and Scott A. Thompson, Associate Regional Director of the Philadelphia Regional Office. The litigation will be conducted by Judson Mihok and Gregory Bockin of the Philadelphia Regional Office.