SEC Charges Unicoin and Executives in Alleged $110M Crypto Fraud Scheme

In Brief:

The SEC has charged Unicoin and three top executives over allegedly misleading investors and raising $110 million through false claims.

Executives are accused of promoting "rights certificates" backed by overstated real estate assets and unregistered token offerings.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Unicoin, a New York-based crypto firm, and its executives for allegedly defrauding investors of more than $110 million. The charges claim the company used false or misleading statements to promote crypto-related investment products, including “rights certificates” tied to its Unicoin token.

The SEC named CEO Alex Konanykhin, board member Silvina Moschini, and former CIO Alex Dominguez in the suit, alleging they made exaggerated promises that Unicoin tokens would be backed by real estate assets that in reality were worth far less than claimed. The company’s general counsel, Richard Devlin, also settled with the SEC, agreeing to pay a $37,500 penalty and accept a permanent injunction, without admitting wrongdoing.

According to the SEC, Unicoin falsely advertised that its offerings were registered with the agency and had raised $3 billion, when the actual amount raised was just over $110 million. The complaint also states that nearly 38 million certificates were sold to ineligible investors.

"Unicoin and its executives exploited thousands of investors with fictitious promises," said Mark Cave, associate director in the SEC’s Division of Enforcement. The company’s marketing blitz included ads in airports, taxis, and on TV, touting its token as a “next generation” investment product.

In response, Konanykhin has vowed to fight the charges in court, calling the case politically motivated and blaming “rogue officials” from the prior SEC administration. He insists that Unicoin remains “the most compliant crypto company in the U.S.”

Despite a broader shift away from aggressive enforcement under the current SEC leadership, the agency is pursuing injunctive relief, disgorgement, civil penalties, and executive bans against the three key defendants.

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