The US Securities and Exchange Commission (SEC ) has received emergency relief from a Florida court to freeze and appoint a receiver of the assets of BKCoin and its co-founder, Kevin Kang. Announced on Monday, the Miami-based crypto hedge fund defrauded at least 55 investors after raising $100 million.
Both BKCoin and Kang have allegedly violated the antifraud provisions of the federal securities laws.
The US securities market regulator filed a sealed complaint against BKCoin and Kang on 23 February, which was sealed until Monday. The complaint alleged that Kang and his company assured investors their money would be invested in cryptocurrencies
