The SEC recently obtained an emergency asset freeze against several cryptocurrency funds, their respective general partners and other controlling entities. The regulator alleged that the funds’ founder was seeking to misappropriate fund assets, while continuing to lure new investors. This article details the allegations in the SEC’s complaint and the terms of the temporary restraining order issued against the funds and the entity defendants, with additional insights from Ildiko Duckor and David Oliwenstein, senior counsel and counsel, respectively, at Pillsbury Winthrop Shaw Pittman. For more on cryptocurrencies and digital assets, see our two-part series “Symposium Examines the State of the Cryptocurrency Market”: Part One (Jun. 25, 2020); and Part Two (Jul. 16, 2020); as well as “HFA Program Explores Trends and Challenges in Digital Assets, Including Need for Clearer Regulations” (Feb. 13, 2020); and “How Fund Managers Can Stay Ahead of the Digital Currency Curve” (Apr. 18, 2019).