Kommunitas

<p>SEC has continued its crackdown on the crypto sector as it filed an emergency action against BKCoin for a $100 million crypto fraud scheme. The scheme took place for several years and the firm raised capital from 55 different investors for the purpose of investing in digital assets.   The press release specifically named BKCoin co-founder Kevin Kang and targeted how the firm utilized the raised capital. Specifically, Kang and BKCoin “used more than $3.6 million to make Ponzi-like payments to fund investors.” Additionally, stating, “Kang misappropriated at least $371,000 of investors’ money,” for the purposes of “vacations, sporting event tickets, and a New York City Apartment.”  </p><p>#KOMnews #kommunitas #sec #BKCoin #cryptoscheme #ponzischeme #fraud #cryptonews #cryptoupdate #blockchaintechnology</p>

SEC Takes Swift Action Against BKCoin For Crypto Fraud Scheme

kommunitas

Other articles published on Mar 8, 2023

ChatGPT: The Best Artificial Intelligence So Far and the Capabilities Predictions

Block Solicits Feedback for Bitcoin 'mining development kit'

Altura and Unity: Revolutionizing the Future of Web3 Gaming

LendeXe Integrates Chainlink Price Feeds for Enhanced Security and Performance in DeFi Operations

Crypto Twitter’s Mixed Reactions to a New Rollup Solution for Bitcoin

Silvergate Reportedly Talks with FDIC on Ways to Avoid Shutdown

Join our free newsletter for daily crypto updates!