Key Takeaways:
- The SEC sued Unicoin and three executives for allegedly misleading 5,000+ investors and raising over $100 million through fraudulent promises.
- The firm falsely claimed Unicoin tokens would be backed by international real estate, overstated sales, and misrepresented SEC compliance.
- The SEC seeks injunctive relief and penalties; Unicoin’s general counsel settled with a $37,500 fine without admitting wrongdoing.
The U.S. Securities and Exchange Commission (SEC) has sued crypto investment platform Unicoin and three of its top executives—CEO Alex Konanykhin, board member Silvina Moschini, and former CIO Alex Dominguez—alleging a $100 million fraud scheme.
The SEC claims that over 5,000 investors were misled by promises that Unicoin tokens and certificates would be backed by valuable international real estate.
🚨JUST IN: The @SECGov has charged @Unicoin_News and execs including CEO Alex Konanykhin and Silvina Moschini for allegedly defrauding 5,000+ investors with false and misleading claims that its crypto token was backed by billions in real estate. SEC says only ~$110M raised, not… https://t.co/NIzRRL4Tum
— Eleanor Terrett (@EleanorTerrett) May 21, 2025
However, the real estate assets were reportedly worth far less than advertised, and most sales were deemed illusory.
Filed in Manhattan federal court, the SEC’s complaint accuses the defendants of multiple securities law violations.
The agency also alleges that Unicoin misrepresented its financial health, falsely claimed over $3 billion in certificate sales, while actual figures were closer to $110 million, and sometimes operated with just four months of funding.
JUST IN: The U.S. SEC accuses crypto platform Unicoin of a $110 million fraud, deceiving thousands of investors with bold but empty promises. pic.twitter.com/FTTzpq6BaQ
— ChainDesk (@ChainDesk_) May 21, 2025
Unicoin’s general counsel, Richard Devlin, settled separately by paying a $37,500 fine without admitting or denying the allegations.
The SEC had issued a Wells notice to Unicoin in December and held a settlement meeting in April, which Konanykhin declined, calling the SEC’s demands “unacceptable.”
Unicoin and its executives have not publicly commented, and Dominguez has not responded to requests for comment.
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