SEC charges crypto project Unicoin, executives with $100 million fraud offering
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.
The SEC alleged that the company claimed to have sold more than $3 billion in rights certificates, when in fact it raised no more than $110 million. The company also claimed that Unicoin tokens and the rights certificates were registered with the SEC, a statement the agency has clarified to be false.
Such alleged fraud was vastly promoted to the public by Unicoin with advertisements in major airports, on thousands of New York City taxis, and on television and social media. This helped convince over 5,000 investors to buy Unicoin's rights certificates, according to the SEC.$BTC
Although it has not broken the resistance zone of $107,000, $BTC has closed the highest daily candle in history at $106,871. And continues to sideways in a narrow range.
More notably, according to the SMA indicator, Bitcoin may be about to form a "golden cross" when the 50D SMA line crosses above the 200D SMA line.
This crossover has appeared several times before strong waves from Bitcoin, such as a 45% increase when the ETF approval news came out, or a 60% increase when Trump was elected for the second time...
Along with that, the economic-political situation in the US is also improving, so it is very likely that we will soon see Bitcoin ATH!
Bitcoin hits a new high #BTC just broke through 107800 Family! Congratulations everyone for gaining 14300 points! Achieved over 1892% return. Now set BE. Remember to leave some position $BTC
🟢 #Bitcoin recorded the highest daily closing price in history.
🟢 President Trump stated that the economy is growing strongly.
🟢 The People's Bank of China announced that they will promote the use of the Renminbi internationally.
🟢 The Supreme Court of India stated that cryptocurrency should be regulated, not banned.
🟢 President of Argentina Javier Milei closed the investigative unit for the $LIBRA meme scandal 😁
🟢 Lee Jae-myung, leader of the Democratic Party of Korea and presidential candidate, proposed issuing a stablecoin pegged to the won to control capital outflows.
🟢 Robinhood has just submitted a proposal to the SEC to regulate real-world assets in the form of tokens (tokenized real-world assets), aiming to bring Wall Street onto the blockchain and explore a $30 trillion market.
🟢 The SEC has postponed its decision on the ETF proposal #Solana from 21Shares, Bitwise, VanEck, and Canary Capital.
🟢 Arthur Hayes stated that #Bitcoin could reach $1 million before Trump leaves office.
🟢 Co-founder #Ethereum , Jeffrey Wilcke, last night transferred $262 million $ETH ~ 105,737 $ETH to Kraken, then quickly withdrew all of this ETH to 8 new wallets within just 1 hour.
The cryptocurrency market is experiencing a mixed day:
Bitcoin is trading at $106,869, maintaining its position above $100,000. Ethereum is holding steady around $2,539. XRP has dipped slightly to $2.35 amid ongoing legal uncertainties. Other major altcoins like BNB, ADA, and SOL are also showing modest declines. $BTC
Bitcoin breaks 107,000! Congratulations everyone! The live broadcast the night before helped everyone get in on Bitcoin at 102,200. It just hit 107,250, achieving TP5 and gaining 5,000 points! Obtained over 598% profit. Now set to BE. Remember to leave part of the position.