FOR IMMEDIATE RELEASE

Montanans who invested in VBit Technologies, Advanced Mining, VBit Mining, and VBit DC Corp (collectively referred to as VBit) cryptocurrency-mining machines are asked to contact the Montana Commissioner of Securities and Insurance (CSI) by July 8, 2024.

As early as 2021, VBit began marketing to and contracting with Montanans for the sale or lease of individualized crypto-mining machines with the promise of earning significant returns on their investment through crypto-mining. In 2021, VBit also announced it was expanding mining data center operations to Columbia Falls.

In June 2022, VBit announced it could no longer service the United States market as its products had been deemed by the U.S. Securities and Exchange Commission as unregistered securities. Investors were unable to gain full access to or perform transactions from their “virtual wallets” and VBit failed to process investor withdrawal requests. 

In September 2023, the CSI ordered VBit to cease offering or selling unregistered securities in the state and to pay a $180,000 fine and restitution to three known Montana victims. The CSI is attempting to find if there were additional Montana victims.  Any potential claims not submitted to the CSI by July 8, 2024, will be deemed to have been waived and will not be considered as a basis for any future enforcement actions against VBit by the CSI.

“The CSI takes consumers’ best interests very seriously,” said Commissioner Troy Downing. “Our job is to help Montanans and prosecute bad actors. Please, contact our agency if you think you have been a victim of VBit.” 

Montanans who invested in VBit mining machines are encouraged to contact Pat.Murphy@mt.gov or by calling 406-444-3848. Potential victims may also visit csimt.gov/file-a-complaint-2/ to file a securities complaint.

Media inquiries: Laura Shirtliff 406.444.0903 or laura.shirtliff@mt.gov.

The Montana State Auditor, Commissioner of Securities and Insurance is the state regulator of the insurance and securities industries for the state of Montana. The State Auditor is also an ex officio member of the Montana Board of Land Commissioners. Troy Downing was elected State Auditor in 2020. CSI can be found online at: csimt.gov.

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