On May 20, 2025, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the New York company Unicoin and three of its top executives — CEO Alex Konyakhin, board member Silvini Moskini, and former chief investment officer Alex Dominguez. They are accused of deceiving over 5,000 investors, allowing them to raise $110 million. According to the SEC, Unicoin inflated the sales of 'certificate rights' to $3 billion, while the actual amount did not exceed $110 million, and falsely claimed that the tokens and certificates were registered with the SEC. The company also exaggerated the value of assets, claiming support for tokens with real estate and assets worth billions of dollars, while their actual value was significantly lower.
Unicoin used aggressive advertising in airports, New York taxis, on television, and on social media, positioning investments as safe. The company’s general counsel Richard Devlin has already agreed to a $37,500 fine without admitting guilt. The SEC seeks to ban the executives from holding positions in public companies and to return the illegally obtained funds. The investigation is ongoing.
#CryptoFraud #UNICoin #SEC #blockchain #CryptoNews
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