Kevin Kang, the co-founder of crypto hedge fund BKCoin was fired in October for allegedly misappropriating $12 million in investor money from three of the firm’s multi-strategy funds, according to a report by CoinDesk.
Kevin Kang, the co-founder of crypto hedge fund BKCoin was fired in October for allegedly misappropriating $12 million in investor money from three of the firm’s multi-strategy funds, according to a report by CoinDesk.
The report cites filings made with the 11th Circuit Court in Florida in October as revealing allegations against Kang by the firm’s core legal entity, BKCoin Management LLC, that he had improperly diverted and/or commingled $12 million in cash and other assets out of the multi-strategy funds. BKCoin subsequently terminated Kang’s employment on 14 October.
Miami-based BKCoin was founded in 2018 by Carlos Betancourt and Kang, and by June of this year, had raised $150 million in assets, according to a Business Insider profile. The firm oversees at least five funds – including three multi-strategy funds – and multiple separately managed accounts.
The multi-strategy funds affected have six US and foreign businesses as investors, who have collectively invested over $18 million, according to the court documents.
