According to Odaily, the U.S. Securities and Exchange Commission (SEC) announced on May 20, 2025, that it has filed a lawsuit against New York City-based Unicoin, Inc. and three of its executives. The SEC accuses them of making false and misleading statements in the issuance of certificates claiming to offer access to Unicoin tokens and common stock. The executives involved include CEO and Chairman Alex Konanykhin, former President and Chairman, now Director Silvina Moschini, and former Chief Investment Officer Alex Dominguez.
The SEC alleges that Unicoin and its executives misled over 5,000 investors by claiming that their tokens were backed by billions of dollars in real estate and pre-IPO company equity, while the actual asset value was significantly lower. Additionally, the SEC states that Unicoin falsely reported sales of over $3 billion in certificates, whereas the actual amount raised did not exceed $110 million. They also falsely advertised that their certificates and tokens were registered with the SEC.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York. The SEC is seeking a permanent injunction, the return of ill-gotten gains, civil penalties, and a ban on the executives from serving in any capacity within the company. Unicoin's General Counsel Richard Devlin has also been charged with negligence for making similar false statements and has agreed to pay a civil penalty of $37,500.