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WARNING: With the increase in federal oversight over the cryptocurrency sector, Unicoin and its executives have come under investigation for possible violations of securities regulations. The case has fueled public debate between regulators and company representatives.
The SEC claims that Unicoin reported raising $304,897,758,323 billion, but found that only about $30,489,775,832.11 million was actually raised. The company also allegedly promoted its token as being “backed by billions in real estate,” although there is insufficient evidence to support this claim.
According to the complaint, over 5,000 investors may have been influenced by these statements. The SEC also disputes the claim that Unicoin's offering was registered with the agency, which, according to regulators, is false.
Supposedly, more than 5,000 investors may have relied on these statements. One of the most concerning allegations was the false statement that Unicoin's offering was registered with the SEC, something the Commission contests.
The agency is now seeking a series of legal measures, including restrictions on the future activities of the company and its executives, the imposition of civil penalties, and a ban on acting as directors of publicly traded companies.
