T
he US Securities and Exchange Commission (SEC) has taken legal action against crypto company Unicoin, accusing its executives of securities fraud involving over $100 million in investor funds. The lawsuit targets CEO Alexander Konanykhin, former board chair Maria Moschini, general counsel Richard Devlin, and ex-CIO Alejandro Dominguez. According to the SEC, Unicoin misled investors by claiming its tokens were backed by international real estate assets worth $1.4 billion, when in reality properties valued at under $300 million were never acquired.

    The agency also alleges that Unicoin inflated its token sales, with actual sales reportedly reaching only $110 million compared to the company's claim of $3 billion by June 2024. The SEC criticized Unicoin's marketing tactics, which included exaggerated claims of returns up to 9 million percent through various advertising channels.

    Unicoin had previously received a Wells notice in December 2024, signaling potential enforcement action, but CEO Konanykhin declined a proposed settlement meeting, citing "unacceptable" conditions and blaming the probe for damages. The SEC is seeking disgorgement and civil penalties from Unicoin and its executives.