The U.S. Securities and Exchange Commission announced Tuesday that it has charged New York-based crypto project Unicoin and its three top executives for allegedly offering fraud rights certificates to investors of its cryptocurrency and common stock.

Unicoin allegedly targeted thousands of investors with unsupported promises that its crypto tokens would be backed by real-world assets including real estate holdings and equity interests in pre-IPO companies worth billions of dollars, the SEC said.

"But as we allege, the real estate assets were worth a mere fraction of what the company claimed, and the majority of the company’s sales of rights certificates were illusory," said Mark Cave, associate director in the SEC's Division of Enforcement.

More here

https://t.co/aTyErbm2MS

#bitcoin #crypto #cryptonews