Odaily Planet Daily reports that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Danh C. Vo, founder and CEO of Bitcoin mining company VBit Technologies Corp., accusing him of embezzling approximately $48.5 million in false investment projects. SEC documents show that Vo and VBit raised over $95.6 million from approximately 6,400 investors and falsely described the Bitcoin mining business model and the use of funds in their promotional materials. The SEC pointed out that Vo promoted a so-called "custody agreement," claiming it could provide ordinary investors with a passive mining income solution without managing equipment, but in reality, the number of custody agreements sold far exceeded the company's actual mining machine operations. The regulatory agency believes that Vo knowingly or recklessly continued to make misleading statements to investors.