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Philly man's bitcoin mining scheme allegedly defrauded investors of $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 the firm's cryptocurrency network, a complaint filed Wednesday by the U.S. Securities and Exchange Commission says. Danh C. Vo, 37, launched VBit Technologies Corp. in 2018 as a platform for investors to hold stakes in the company's computing power used to mine bitcoin. The cryptocurrency assets are created by networks of computer rigs that solve complex puzzles, allowing the entire bitcoin network to function securely while rewarding ... (full story)
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