New York, May 21, 2025 — The US government agency SEC (Securities and Exchange Commission) has filed a major lawsuit against crypto company Unicoin Inc.. This company is based in New York. The SEC says that Unicoin and its three top officials—CEO Alex Konanykhin, board member Silvina Moschin, and former investment officer Alex Dominguez—have defrauded people of $100 million (about Rs 830 crore) by lying to them.
According to the SEC, Unicoin got more than 5,000 people to invest by telling them that their “rights certificates” were linked to future Unicoin tokens, and were secured by billions in property and stakes in companies. But the properties claimed were actually worth only $300 million. Many properties were not even bought.
The SEC has charged crypto project Unicoin and its top execs with fraud, alleging fake asset claims, false SEC registration, and misleading over 5,000 investors.
Unicoin said they sold certificates worth $3 billion, but only $110 million was actually raised. They also lied that their investments were registered with the SEC, which led people to believe they were completely safe.
Unicoin ran big ads on TV, taxis, airports and boats, telling people they could earn up to 9 million percent returns on their investments, like Bitcoin. The SEC says these claims were false.
The company’s lawyer Richard Devlin is also accused of providing false information. He has settled with the SEC and paid a fine of $37,500 without admitting fault.
The SEC says the company broke the rules and those responsible should be banned and fined. CEO Alex Konanykhin has denied the allegations and said his company follows the law.
This case shows that fraud is still a big problem in the crypto world. The SEC is still cracking down on such cases, so investors should be cautious and do their research before investing in any crypto scheme.
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