On December 17, 2025, the U.S. Securities and Exchange Commission (SEC) filed a civil fraud lawsuit against Danh C. Vo (aka Don Vo), founder of VBit Limited and Advanced Mining Group, alleging a $95.6M Ponzi scheme disguised as Bitcoin mining. Phuong D. Vo (ex-wife), My Tien Thi Nguyen (mother), and Diem T. Vo (sister) are named relief defendants for receiving misappropriated funds, per. The SEC claims Vo stole $48.5M for personal use, including crypto purchases and family transfers.
VBit Technologies, launched in 2018, and its reboot, VBit Limited, in 2023, promised passive income through mining hardware and hosting, but oversold rigs 8,472 claimed vs. 1,643 operated in 2021, while Vo misappropriated funds, per. VBit falsely claimed SEC registration and full compliance. The scheme collapsed in June 2022 with a fake SEC settlement excuse, freezing withdrawals. Advanced Mining Group briefly rebooted before a COVID-19 exit-scam.
Vo fled the U.S. to Vietnam in November 2021 after learning of the SEC investigation, updating LinkedIn to “retired for life.” per Between October–November 2021, he transferred $15.7M to personal accounts and gifted $5M+ to family: $1.8M to ex-wife Phuong, $1M to a trust for his daughter, $500K to brother Danny, $300K to sister Diem, and $100K to mother My Tien, per. The SEC seeks disgorgement, interest, penalties, and clawback of these funds.
The lawsuit reinforces SEC oversight of unregistered securities in MLM crypto schemes, similar to Forsage ($340M) and GSPartners ($1B), per. Bitcoin (BTC) ($87,270) and Ethereum (ETH) ($4,070) remain unaffected, per CoinMarketCap. Investors should verify offerings via sec.gov and avoid mining or passive income promises without audited proof. Diversify into USDC or BTC with stop-losses below $85,000, per TradingView. Follow @TheBlock__ on X for updates. Vo’s case highlights risks in unregulated crypto, urging caution in 2025.
