Crypto Hedge Fund Accused of ‘Ponzi-like’ Payments by SEC

Crypto hedge fund BKCoin Management and Min Woo “Kevin” Kang, one of the firm’s co-founders, are being accused by the US Securities and Exchange Commission of fraud and misusing investor funds.

The SEC said that Kang and BKCoin, which had allegedly raised nearly $100 million from investors, violated securities laws by making “Ponzi-like” payments. The case was filed in federal court in Miami on Feb. 23 and unsealed Monday.

BKCoin and a lawyer listed by the SEC for Kang didn’t immediately respond to requests for comment. Kang was “suspended” from employment by BKCoin in October, according to the SEC. ...