The U.S. SEC takes emergency action against crypto hedge fund BKCoin suspected of a $100 million Ponzi scheme
ChainCatcher News: The U.S. Securities and Exchange Commission (SEC) has taken emergency action against the crypto hedge fund BKCoin, freezing the assets of BKCoin and one of its co-founders, Kevin Kang, and appointing a receiver. The SEC stated that BKCoin and Kevin Kang raised $100 million from over 50 investors and used some of the investors' funds for "Ponzi payments" and personal use, including misappropriating client funds for vacations, purchasing sports event tickets, and paying for his rent in a New York City apartment.The SEC is seeking a permanent injunction against BKCoin and Kevin Kang, as well as the forfeiture of illegal proceeds, prejudgment interest, and civil penalties. The SEC is also seeking the illegal proceeds of Bison Digital LLC, which allegedly obtained $12 million from BKCoin's investor funds. (CoinDesk)
