The US Securities and Exchange Commission (SEC) has filed a lawsuit against crypto investment platform Unicoin and three of its executives, accusing them of providing false and misleading information about its crypto assets, which raised more than $100 million from investors.
On May 20, the SEC charged Unicoin CEO Alex Konanykhin, board member Silvina Moschini and former chief investment officer Alex Dominguez with misleading more than 5,000 investors in connection with certificates that purportedly granted rights to receive Unicoin tokens and shares.
Mark Cave, associate director of the SEC's Division of Enforcement, stated that since 2022, they "exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets including an international portfolio of valuable real estate holdings."