21-5-2025 – The United States Securities and Exchange Commission (SEC) has launched legal action against cryptocurrency platform Unicoin and three of its key figures, accusing them of orchestrating a deceptive scheme that lured investors with false promises, amassing $100 million in funds. The charges, announced on 20 May, target Unicoin’s chief executive, Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez, alleging they misled investors about the nature of certificates tied to Unicoin tokens and company stock.
Filed in a federal court in Manhattan, the SEC’s complaint asserts that the trio violated securities laws by promoting fictitious claims about the backing of Unicoin’s tokens. Mark Cave, associate director of the SEC’s Division of Enforcement, condemned the executives for exploiting thousands of investors with assurances that the tokens, yet to be issued, would be underpinned by a robust global portfolio of real estate assets. In reality, Cave revealed, these assets were grossly overstated, worth only a fraction of the touted value, while the majority of the company’s certificate sales were deemed illusory.
The SEC is seeking stringent remedies, including permanent injunctions to halt further violations and the return of the allegedly ill-gotten gains. This case underscores the regulator’s intensifying scrutiny of the cryptocurrency sector, spotlighting the risks investors face when promises of wealth are built on shaky foundations.
