Bitcoin Boss Flees US After Squandering $48.5M on Gambles, Gifts!

SEC v. Danh C. Vo, Phuong D. Vo, My Tien Thi Nguyen, et al. — U.S. Securities and Exchange Commission Litigation Release No. 26448, dated December 17, 2025.

The SEC charged Danh C. Vo with defrauding over 6,400 investors out of $95.6 million in a Bitcoin mining investment scheme. Vo allegedly misappropriated $48.5 million of these funds, using them for personal expenses like gambling and gifts to family, before fleeing the U.S. Relief defendants, his family members, have agreed to return ill-gotten gains.

In Plain English

Imagine someone promised to use your money to buy special computers that mine digital money (like Bitcoin). They said you'd get a share of the profits. But instead, they took a huge chunk of the money for themselves, spent it on gambling and gifts, and then ran away. Now, the government is trying to get some of that money back from the people they gave it to.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Promised Passive Income Danh C. Vo, through his company VBit Technologies Corp., offered investors "Hosting Agreements." These agreements purported to provide a passive income stream by investing in Bitcoin mining, where VBit would operate high-speed computers (mining rigs) on their behalf.
2. Misleading Business Claims Vo lied to investors about the nature of VBit's business, its assets, and how their money would be used. He claimed VBit offered a turnkey solution for average people to make passive income through Bitcoin mining without the hassle of operating machines.
3. Over-Selling Mining Rigs The SEC's complaint alleges that Vo sold Hosting Agreements for far more mining rigs than VBit was actually operating, creating a shortfall between investor expectations and actual operational capacity.
4. Raising Millions Unregistered From at least December 19, 2018, through February 13, 2022, Vo, through VBit and its purported successor Advanced Mining Group, raised over $95.6 million from approximately 6,400 investors in an unregistered and fraudulent offering.
5. Misappropriation of Funds Vo allegedly misappropriated $48.5 million of the investor funds. This money was not used for its intended purpose of Bitcoin mining operations as promised to investors.
6. Personal Use of Funds Large sums of the misappropriated investor funds were used by Vo for personal expenses, including significant amounts for gambling and gifts to his family members.
7. Flight with Remaining Funds On or about November 20, 2021, Vo fled the United States, taking with him the remainder of the misappropriated funds, leaving investors with substantial losses.

The Enforcement Action

On December 17, 2025, the SEC charged Danh C. Vo with fraudulently raising over $95.6 million from approximately 6,400 investors in a Bitcoin mining investment scheme. The SEC alleges Vo misappropriated $48.5 million of investor funds for personal use, including gambling and gifts to family members, before fleeing the U.S. The complaint charges Vo with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, seeking permanent injunctions, disgorgement with prejudgment interest, a civil penalty, and an officer and director bar. Relief defendants, identified as Vo's family members, have consented to final judgments ordering disgorgement of ill-gotten gains, subject to court approval.

Named in this action: Danh C. Vo, Phuong D. Vo, My Tien Thi Nguyen, Danny H. Vo, Diem Vo.

Original SEC litigation release ↗ · Browse all cases