The US Securities and Exchange Commission (SEC) has taken emergency action against BKCoin Management on 7 March, accusing the Miami-based investment adviser of raising $100 million from 55 investors to invest in cryptocurrency but instead using the funds to pay for luxury items and make Ponzi-like payments. The SEC has frozen assets and obtained other emergency relief against BKCoin. In addition, it is seeking permanent injunctions, civil penalties, and other remedies against the firm and one of its principals, Kevin Kang.