The SEC has filed a civil fraud lawsuit against the founder of VBit Limited and Advanced Mining Group.
The SEC’s lawsuit was filed on December 17th and names Danh C. Vo, aka Don Vo, as the primary defendant. Phuong D. Vo, My Tien Thi Nguyen and Diem T. Vo are named relief defendants.
VBit Limited was an MLM crypto Ponzi launched by CEO Danh Vo in mid 2023.
Vbit Technologies, not to be confused with
Vbit Limited
scam, was a typical MLM crypto Ponzi launched in 2018.
VBit Technologies’ Ponzi ruse of choice was cryptocurrency mining. From a
VBit Technologies fraud order issued by California’s DFPI
in 2024;
VBit’s mining packages consisted of specialized Bitcoin mining hardware and “hosting” services, which enabled customers with little or no technical expertise in Bitcoin mining to rely on VBit’s mining specialists.
VBit Technologies collapsed in June 2022, at which time VBit Technologies pulled a “regulators!” exit-scam.
On or around June 2022, VBit informed its investors that it could no longer operate in the United States. VBit stated in an email that it “stopped all sales and withdrawals because of a potential pending settlement with the US SEC.”
Investors have been frozen out of their accounts and unable to withdraw their funds.
VBit Technologies’ SEC settlement exit-scam ruse was of course baloney. The SEC further alleges;
Vo falsely claimed in promotional materials that VBit was “[f]ully compliant and registered with every appropriate US government entity.”
Vo also falsely claimed to at least one in-person audience that VBit was “registered with the SEC.” VBit was not registered with the SEC.
Advanced Mining was launched as a VBit Technologies Ponzi reboot. It lasted a few weeks before pulling a “COVID-19!” exit-scam.
This of course was also baloney.
All up the SEC alleges Vo (right), through his VBit Limited and Advanced Mining Group scams, defrauded around 6400 consumers out of over $95.6 million.
VBit Limited and Advanced Mining Group’s Ponzi ruse was bitcoin mining.
From the SEC’s filed lawsuit;
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.
While bitcoin mining was the ruse sold to VBit Technologies investors, here’s what was going on inside the scam;
Since VBit did not create or maintain any records identifying which mining rigs were purportedly owned by which investors, there was no way for VBit to identify which mining rigs to ship to an investor whose termination request was granted.
VBit sold Hosting Agre
🤖 Quick Answer
What is the SEC lawsuit against VBit Technologies founder Danh Vo about?The U.S. Securities and Exchange Commission filed a civil fraud lawsuit on December 17, 2024, against Danh C. Vo, also known as Don Vo, founder of VBit Limited and Advanced Mining Group. The complaint alleges he orchestrated a cryptocurrency mining Ponzi scheme that defrauded investors of approximately $48.5 million through MLM-structured mining packages.
Who are the defendants named in the SEC's VBit Technologies fraud case?
The primary defendant is Danh C. Vo, founder and CEO of VBit Limited. Phuong D. Vo, My Tien Thi Nguyen, and Diem T. Vo are named as relief defendants. The SEC seeks financial remedies against all parties for their alleged roles in or benefits derived from
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The SEC sued the Bitcoin (BTC) mining company VBit and its founder, Danh Vo, in a Delaware federal court on Wednesday, accusing them of fraud and misappropriating around $48 million in investor funds between 2018 and 2022 by selling a greater number of hosting agreements than there were mining rigs.…2. SEC Charges Bitcoin Miner for Duping Investors Out of $48.5 Million - Bitcoin Magazine — Thu, 18 Dec 2025 20:53:04 GMT
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BTC mining firm VBit CEO faces SEC charges over misappropriated $48.5M. Vo**, founder and chief executive officer of defunct Bitcoin mining company VBit Technologies, with misappropriating $48.5 million from investors and using portions of the funds for gambling and family gifts.. …
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Bitcoin Mining Company Founder Hit With SEC Investor Fraud Suit. December 18, 2025, 5:30 PM UTC. A bitcoin mining company’s founder misappropriated $48.5 million in investor funds and made false promises about passive income from cryptocurrency mining equipment that he claimed to operate on their …
5. Philly man's bitcoin mining scheme allegedly defrauded investors of $48.5 million, SEC says - PhillyVoice — Thu, 18 Dec 2025 22:07:43 GMT
Vo, 37, is accused of running a bitcoin mining company in Philadelphia that defrauded investors of more than $48.5 million. The owner of a former bitcoin mining company in Philadelphia allegedly stole more than $48.5 million from investors in a scheme that promised "passive income" for supporters of…6. CEO of South Philadelphia Bitcoin mining company defrauded investors out of $48.5 million, regulators say - Inquirer.com — Tue, 23 Dec 2025 19:36:25 GMT
While Vo possessed some of the computers — devices that process cryptocurrency transactions and reward the owner with a fraction of Bitcoin in exchange for maintaining the costly technology — SEC investigators found VBit’s customers did not own the computers Vo said he had sold them. In all, Vo rais…🔗 Related Articles
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