The U.S. Securities and Exchange Commission (SEC) has taken emergency action against crypto hedge fund BKCoin, freezing BKCoin and one of its co-founders, Kevin Kang, and appointing a receiver. The SEC said BKCoin and Kevin Kang raised $100 million from more than 50 investors and used some of the investor funds for "Ponzi payments" and personal use, including misappropriating client funds for vacations, buying tickets to sporting events and Pay the rent on his New York City apartment. The US SEC stated that BKCoin and Kevin Kang promised investors that their funds would be used for cryptocurrency transactions and that the funds would be stored in separately managed accounts. However, he mixed customer funds and used at least $3.6 million to other investors. Payment. The SEC is seeking a permanent injunction against BKCoin and Kevin Kang, as well as forfeiture, advance interest, and civil penalties. The SEC is also seeking disgorgement from Bison Digital LLC, an entity that allegedly received $12 million in investor funds from BKCoin. Dollar.
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