Unicoin’s $100 Million Crypto Scam Exposed: SEC Takes Action Against Top Executives!
The Securities and Exchange Commission (SEC) in the United States has accused Unicoin Inc., a company based in New York, along with several of its high-ranking officials, of deceiving thousands of investors by making misleading statements. As a result, they allegedly managed to amass over $100 million through unfounded guarantees.
What Happened?
The Securities and Exchange Commission (SEC) alleges that Unicoin, along with its executives such as CEO Alex Konanykhin, Board Chairman Silvina Moschini, and former Chief Investment Officer Alex Dominguez, misled investors through inflated claims about their cryptocurrency venture. They marketed “rights certificates” which were purportedly a pathway to acquiring Unicoin tokens in the future. These tokens, they asserted, would be supported by substantial real estate assets and investments in private corporations.
As per the SEC’s findings, most of the promises made by the company turned out to be fabrications. The value of the real estate the company boasted about was significantly less than what was advertised, and they actually managed to raise just around $110 million from over 5,000 investors – far short of the $3 billion they claimed.
It seems that Unicoin made a significant push with their promotional efforts. Advertisements could be found in airports, taxis across New York City, on television, and extensively on social media platforms. The company marketed itself as a cutting-edge cryptocurrency investment option, promising safety, stability, and high returns. Interestingly, they led investors to believe their offerings were registered with the Securities and Exchange Commission (SEC), but this was not the case in reality.
According to the SEC, Konanykhin himself sold numerous certificates on a personal level, aiming at investors who were once exempted by the company to prevent them from losing their legal exceptions.
The Charges and What’s Next
The Securities and Exchange Commission (SEC) has filed charges against Unicoin and its top officials for violating federal securities regulations, specifically for fraudulent activities and unregistered sales. This legal action requires them to return the ill-gotten gains, as well as face additional penalties such as fines and prohibitions from holding executive roles in publicly traded companies.
In this situation, Unicoin’s general counsel, Richard Devlin, is not exempt from accusations either. He stands accused of disseminating misleading information in investor documents. Devlin has opted to settle the charges without admitting or denying the allegations, and he will pay a fine of $37,500 as part of the settlement.
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2025-05-21 05:35