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SEC Freezes Assets Of Miami-Based Crypto Hedge Fund In $100 Million Crypto Fraud Case

The U.S. securities watchdog has just filed an emergency action against Miami-based investment adviser BKCoin in connection with an alleged $100 million fraud scheme.

The SEC has announced emergency action against crypto hedge fund BKCoin Management.

According to a Feb. 6 announcement, the regulator was given emergency relief by a Florida court to freeze and appoint a receiver for BKCoin’s assets. The SEC accused the company and one of its co-founders, Kevin Kang, of raising $100 million from 55 clueless investors to invest in cryptocurrencies — but instead squandered the funds on luxury items and to make “Ponzi-like payments”.

(By Brenda Ngari)

SEC
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