According to reports from Wu, the U.S. SEC filed a lawsuit against New York-based Unicoin and three of its executives on May 20, accusing them of issuing Unicoin token-related certificates and stocks through false statements, with the amount involved exceeding $100 million and affecting over 5,000 investors. The SEC stated that Unicoin falsely claimed that the tokens were backed by billions of dollars in real estate assets, when in fact the asset value was far lower than claimed; they also inflated sales to over $3 billion, while actually raising only $110 million. Additionally, the company sold unregistered securities. The SEC seeks a permanent injunction, recovery of illegal gains, and civil fines, and the executives may face director bans.

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