SEC Accuses Unicoin of Misleading Investors With False Billion-Dollar Fundraise and Asset Claims
The U.S. Securities and Exchange Commission (SEC) has filed charges against Unicoin, Inc. and several of its top executives, accusing them of deceiving investors with overstated fundraising figures and unsubstantiated claims of real estate backing for their crypto token.
According to the SEC’s complaint, Unicoin allegedly misled over 5,000 investors by claiming to have raised $3 billion in capital—when, in fact, federal investigators found the company had raised only around $110 million. The company is also accused of falsely promoting its token as being backed by billions of dollars in real estate assets, a claim the SEC says lacks credible supporting evidence.
“Unicoin’s most senior executives are alleged to have perpetuated the fraud, and today’s action seeks accountability for their conduct,” said Mark Cave, Associate Director in the SEC’s Division of Enforcement.
Named in the complaint are Unicoin CEO Alex Konanykhin and executive Silvina Moschini. The SEC alleges they knowingly made false and misleading public statements, including promoting the token as SEC-registered—when it was not.
A Pattern of Misinformation?
The regulator’s filing highlights growing concerns about a broader trend in the crypto sector: companies using exaggerated claims of asset backing or regulatory compliance to attract investor funds. For many investors, assurances of asset security—especially tangible assets like real estate—serve as a key selling point in a volatile market. The SEC warns that such unfounded claims can create a dangerous illusion of stability.
Unicoin’s marketing strategy, according to the SEC, leaned heavily on this illusion. Regulators say the company’s public narrative presented the token as not only profitable but also secure—suggesting its value was underpinned by substantial real estate holdings. However, the agency’s investigation has found no proof of these claimed assets.
Additionally, the SEC alleges that Unicoin’s executives misrepresented the token’s regulatory standing. By implying that their offering had SEC registration, the company may have misled investors into thinking the token met compliance standards, thus minimizing perceived risk.
Company Pushes Back Against Allegations
In response to the lawsuit, CEO Alex Konanykhin has publicly denied all allegations. He described the SEC’s charges as “crudely fabricated,” asserting that Unicoin has acted within legal bounds. Konanykhin has consistently maintained in interviews and public statements that the company’s fundraising practices were legitimate.
With legal proceedings now underway, the case could become a litmus test for how regulatory bodies address promotional conduct in the crypto sector—particularly around investor disclosures and asset claims.
The SEC is seeking several penalties, including civil fines, restrictions on future fundraising activity, and permanent bans on Unicoin executives from holding leadership roles in public companies.