SEC sues VBit over $48M fraud, says some hosted Bitcoin mining deals are securities

On Wednesday, the U.S. Securities and Exchange Commission sued Bitcoin miner VBit and founder Danh Vo in Delaware federal court, alleging fraud and misappropriation of around $48 million from 2018 to 2022. The complaint asserts some hosted mining agreements can be securities under Howey, while Blockware Intelligence's Mitchell Askew argues standard hosting lacks pooled capital or profit-sharing.