Vbit Technologies Sued Over Crypto Scam

Morgan C. Huntley filed a complaint against Vbit Technologies Corp., related entities and people, as well as 10 anonymous individuals and 10 unknown companies, alleging the defendants of engaging in a crypto scheme in which the defendants used the lure of profits to defraud investors like the plaintiff.

The complaint opens by explaining the nature of the scheme. “Though shrouded in technological savvy and industry jargon, Defendants’ scheme was simple: they appear to have offered and sold unregistered securities composed of products and services that did not exist in the form they said it did and, when their scheme inevitably unraveled, they left Plaintiff high and dry.”

The complaint alleges the plaintiff invested over $200,000 into four separate agreements involved with the defendants’ crypto scheme; the plaintiff realized they could not access funds from their Bitcoin wallet in June 2022.

The complaint asserts the defendants have engaged in securities and common law fraud, violated Delaware law and the Securities Exchange Act.

The plaintiff seeks the following for relief: a declaration the defendants violated the Securities Act, punitive and compensatory damages, a determination of the individuals liable within the corporations mentioned, attorney’s fees and costs, and further relief deemed necessary.

The plaintiff is represented by Klehr Harrison Harvey Branzburg LLP.