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<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

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