SEC Charges New Altcoin with Being a Security and Its Founder with Fraud

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against a new crypto investment firm as it closes down cryptocurrency lawsuits filed by the previous SEC administration.

The SEC has charged cryptocurrency firm Unicoin and three of its top executives, including its CEO and Chairman Alex Konanykhin, with fraud, according to an official statement from the SEC.

Accordingly, the SEC charged Unicoin and its executives with making false and misleading statements regarding the fundraising of more than $100 million from thousands of investors.

According to the SEC, the company misled investors by falsely claiming that Unicoin tokens were backed by real-world assets such as valuable real estate.