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 rights certificates and stocks through false statements, with the amount involved exceeding $100 million and impacting over 5,000 investors. The SEC stated that Unicoin falsely claimed the tokens were backed by billions of dollars in real estate assets, while the actual asset value was far lower than claimed; they also inflated sales to over $3 billion, while only raising $110 million. Additionally, the company sold unregistered securities. The SEC is seeking a permanent injunction, recovery of illegal proceeds, and civil penalties, and the executives may face director bans.

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