Crypto firm BKCoin hit by emergency asset freeze over alleged $100 million Ponzi scheme that paid for co-founder's rent and vacations

• The SEC Monday took emergency action against crypto firm BKCoin and its co-founder for allegedly running a fraud scheme. 
• The company allegedly ran a $100 million Ponzi scheme that paid for its co-founder's rent and vacations. 
• The asset freeze marks US regulators' intense crackdown on the crypto sector following FTX's collapse. 

A Miami-based crypto firm was hit by an emergency asset freeze for allegedly running a $100 million Ponzi scheme that paid for the co-founder's life of luxury. 

On Monday, the Securities and Exchange Commission took action against BKCoin and its co-founder Kevin Kang for raising millions of dollars and using some of it "to make Ponzi-like payments."