SEC Accuses Unicoin Leadership of Deceiving Investors, Resulting in Over $100 Million in Losses
The U.S. Securities and Exchange Commission (SEC) has filed a major lawsuit against Unicoin Inc. and three of its top executives, accusing them of a $100 million fraud scheme involving the sale of crypto tokens. The SEC alleges that Unicoin made false and misleading statements, claiming that its crypto tokens were backed by billions of dollars worth of real estate and equity interests in pre-IPO companies, when in reality, the company's actual assets were worth only a small fraction of that amount.
Unicoin's CEO, Konstantin Konanykhin, has strongly denied the allegations, calling them "completely false," and criticized the SEC for disproportionately targeting cryptocurrency firms. Konanykhin also refused a settlement proposal from the SEC in April, deeming the conditions unacceptable, and claimed Unicoin has always complied with U.S. regulations while blaming the SEC’s investigation for causing significant losses to the company.
According to the SEC, Unicoin's most senior executives, including CEO and Board Chairman Alex Konanykhin, Silvina Moschini, and former Chief Investment Officer Alex Dominguez, are charged with violations of the antifraud provisions of the federal securities laws. The SEC alleges that these executives perpetuated the fraud by offering and selling over 37.9 million of Konanykhin's rights certificates, conducting an aggressive marketing campaign, and using false and misleading statements to convince more than 5,000 investors to purchase the rights certificates.
The SEC alleges that Unicoin sold more than $3 billion in rights certificates, but in reality, raised no more than $110 million. The SEC's enforcement action is one of the most high-profile crypto fraud cases brought by the SEC in 2025, highlighting ongoing SEC efforts under the new administration to tackle fraud in the cryptocurrency sector.
This case illustrates the SEC’s firm stance on investor protection amid the volatile and often opaque cryptocurrency market. The SEC continues to emphasize the importance of transparency, accuracy, and compliance with securities laws in the crypto industry. The outcome of this case is expected to set a significant precedent for future regulatory actions against crypto firms.
The SEC's lawsuit against Unicoin Inc. and its top executives, including CEO Konstantin Konanykhin, has brought the finance and investing field under scrutiny, with the allegations of a $100 million fraud scheme raising concerns within the general-news landscape. The SEC asserts that Unicoin's executives perpetuated the fraud by offering false and misleading statements to investors in the sale of over 37.9 million rights certificates, amassing a significant volume in the crime-and-justice sector. This high-profile crypto fraud case emphasizes the SEC's continued efforts towards enforcing security laws and investor protection, particularly in the volatile and often opaque cryptocurrency market.
