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US regulators have filed a lawsuit against Unicoin, a cryptocurrency investment firm, along with three of its senior figures.
The Securities and Exchange Commission (SEC) claims the group misled over 5,000 investors by collecting more than $100 million through questionable sales of so-called “rights certificates”.
Filed on May 20 in a Manhattan federal court, the SEC’s complaint names Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez.
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According to the SEC, the three promoted certificates promised future access to Unicoin tokens and shares in the company. They allegedly claimed these would be backed by valuable real estate and other assets.
Unicoin’s general counsel, Richard Devlin, was also accused of violating securities laws. He agreed to pay a $37,500 penalty to resolve the matter without admitting or denying the allegations.
Mark Cave from the SEC’s enforcement division said that, starting in 2022, the company made false claims about these tokens being supported by a global portfolio of high-value property.
The SEC also said Unicoin misrepresented its financial health by giving the impression that the company could operate for decades without needing more funds. In contrast, internal information showed that Unicoin sometimes had enough funds for less than four months.
On May 18, Vladimir Smerkis, co-founder of the Telegram-based crypto platform Blum, was arrested in Moscow. What was he involved in? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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