The Securities and Exchange Commission sued the operators of a cryptocurrency investment platform called DEBT Box, alleging they raised more than $200 million from over 100,000 investors by falsely claiming that commodity royalties backed their digital tokens and using investor funds in a Ponzi-like scheme to simulate revenue.

The SEC alleged in a Wednesday complaint that the joint venture partners Blox Lending LLC and Digital Licensing Inc. and three of their principals violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by making false and misleading statements in connection with the sale of unregistered securities. That …