SEC Charges Unicoin, Executives Over Alleged $110 Million Crypto Fraud
The U.S. Securities and Exchange Commission (SEC) charged Unicoin and three executives with misleading investors and raising over $100 million through false claims about crypto asset offerings. The SEC's complaint, filed in the Southern District of New York, accuses CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez of promoting "rights certificates" tied to Unicoin tokens with misleading statements. General counsel Richard Devlin is also implicated but has agreed to a $37,500 penalty without admitting wrongdoing. The SEC alleges Unicoin falsely claimed its tokens were registered and exaggerated its fundraising to $3 billion, while it actually raised just over $110 million. The company allegedly marketed its offerings as secure investments through extensive advertising. The SEC seeks injunctive relief, disgorgement, civil penalties, and bans for the executives. Konanykhin plans to contest the charges, claiming the lawsuit is driven by officials from the previous administration.
