SEC charges Unicoin and executives for alleged $100 million fraud

Quick Summary:

Mark Cave, associate director in the SEC’s Division of Enforcement, claimed the trio “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.” Related: SEC crypto task force to release first report 'in the next few months'“The real estate assets were worth a mere fraction of what the company claimed, and the majority of the company’s sales of rights certificates were illusory,” Cave added.

The US Securities and Exchange Commission has charged crypto platform Unicoin and three of its executives, alleging they made false and misleading statements about its crypto assets that raised $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 investors about certificates that conveyed rights to receive Unicoin tokens and stock.

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Article Details

Author / Journalist: Cointelegraph by Stephen Katte

Category: Crypto

Markets: United States

Topics: Thousands Charged Crypto Three Securities Executives Real-world Unicoin Investors Assets Backed

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-21 @ 02:13:50 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 213 words

Reading Time: 2 minutes read

Sentences: 16 lines

Sentence Length: 14 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28884174

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

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Year Established: 2013

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Coverage Areas: United States

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