​SEC Takes Swift Action Against BKCoin and Kevin Kang for Alle | Crypto Mountains

​SEC Takes Swift Action Against BKCoin and Kevin Kang for Alleged Involvement in $100 Million Crypto Fraud

The Securities and Exchange Commission (SEC) has announced it is taking “emergency action” against crypto hedge fund BKCoin and its co-founder Kevin Kang for “Ponzi-like conduct.”

According to a press release from the SEC, Kang’s fund raised approximately $100 million from 55 investors between October 2018 and September 2022. The investors were promised that the money would go towards buying crypto, but Kang instead used some of the money for personal expenses and to make “Ponzi-like payments,” the SEC said.

The SEC has now obtained permission to freeze the fund’s assets and take other emergency measures against the fund, which is registered in Miami, Florida.

The SEC’s complaint was originally filed on February 23, and unsealed this week.