SEC Charges Unicoin for Misleading 5,000 Investors
Key Takeaways
The U.S. Securities and Exchange Commission (SEC) has filed charges against the crypto company Unicoin and several of its executives. The allegation: over USD 100 million was raised through misleading statements. More than 5,000 investors were allegedly deceived through aggressive marketing campaigns. Despite a generally more relaxed approach toward the crypto industry, the SEC remains vigilant.
Allegations Against Unicoin
According to the SEC, CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez promoted so-called “Rights Certificates.” These were supposed to be tied to Unicoin tokens and backed by real-world assets such as international real estate. The SEC accuses the company of grossly exaggerating or completely fabricating these claims.
In addition, former General Counsel Richard Devlin is also under scrutiny. He is accused of spreading false information in confidential sales documents. Although Devlin did not admit guilt, he agreed to pay a USD 37,500 fine and accepted a permanent cease-and-desist order.
Large-Scale Misleading Advertising
Unicoin ran eye-catching advertising campaigns in airports, taxis, TV commercials, and on social media to build trust. Among other things, it was claimed that the offerings were registered with the SEC – which was not true. According to the SEC, the actual amount raised through these sales was around USD 110 million, while the company publicly claimed it had raised USD 3 billion.
Under Regulatory Scrutiny for Some Time
The investigation into Unicoin did not start recently. As early as December of the previous year, the company received what is known as a “Wells Notice.” This informs a company that charges may be forthcoming. In April, discussions about a possible settlement took place before the official complaint was eventually filed.
Regulation Remains Despite Policy Shift
Although the tone of the SEC has somewhat shifted under its new chair, Paul Atkins, the agency remains active. In recent months, proceedings against major crypto companies such as Coinbase, ConsenSys, MetaMask, and Ripple have been concluded. The Unicoin case shows that the SEC continues to take firm action when it believes investors have been misled.
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Our Assessment
The Unicoin case highlights the importance of critically evaluating crypto investments. Even though regulation in the U.S. has somewhat eased, protecting investors remains a core concern for the SEC. Anyone investing in token projects should always verify whether the claims about the project and its backing are realistic and transparent. Unicoin’s aggressive marketing and false promises demonstrate how quickly trust can be abused.
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