SEC charges Unicoin crypto platform over alleged $100 million fraud
The SEC claims thousands of investors were drawn in by “fictitious promises” that the crypto assets were backed by billions of dollars in real estate.
Update May 21, 4:32 am UTC: This article has been updated to add more information from the SEC’s complaint.
The US Securities and Exchange Commission has sued crypto investment platform Unicoin and three of its executives, alleging they made false and misleading statements about their crypto assets that raised over $100 million from investors.
The SEC said on May 20 that it charged Unicoin CEO Alex Konanykhin, board member Silvina Moschini and former investment chief Alex Dominguez with misleading over 5,000 investors about certificates that conveyed rights to receive Unicoin tokens and stock.