The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit accusing New York-based Unicoin and three of its top executives of misleading investors and raising more than $100 million through false claims tied to crypto asset offerings and company stock.
The complaint, lodged in Manhattan federal court, alleges that Unicoin sold “rights certificates” linked to future tokens and equity, but misrepresented the value and backing of these investments.
According to the SEC, Unicoin’s promotional materials claimed the certificates were secured by an international portfolio of valuable real estate.
However, the regulator says the actual worth of these properties was only a fraction of the stated value.
In its press release, SEC wrote,
“Unicoin tokens underlying the rights certificates were “asset-backed” by billions of dollars of real estate and equity interests in pre-IPO companies, when Unicoin’s assets were never worth more than a small fraction of that amount.”
The federal agency further pointed out,
“the rights certificates and Unicoin tokens were “SEC-registered” or “U.S. registered” when they were not.”
Mark Cave, associate director in the SEC’s Division of Enforcement, said the company “exploited thousands of investors with fictitious promises” that lacked real backing.
The complaint argues these inflated claims enticed investors into believing the certificates represented secure, next-generation financial products.
The SEC named Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez in the complaint.
They are accused of making false or misleading statements about the certificates and the company’s financial position.
Additionally, Unicoin’s general counsel, Richard Devlin, was charged with providing misleading information in private placement memoranda.
Without admitting wrongdoing, Devlin agreed to pay a $37,500 penalty and accept a permanent injunction.
The company reportedly used aggressive marketing tactics, placing ads in airports, on taxis, and on television, presenting the certificates as a secure investment opportunity tied to future token issuance and company stock.
The SEC claims Konanykhin personally sold nearly 38 million certificates to investors, including some who were barred from participating.
Public statements from Konanykhin suggest he plans to contest the charges, calling the case “grotesque” and blaming what he calls lingering officials from the previous SEC leadership.
This lawsuit arrives amid a broader shift in the SEC’s approach to crypto enforcement.
Since President Donald Trump’s administration began, the SEC, now under Chair Paul Atkins, has stepped back from pursuing numerous high-profile crypto cases, including those against Coinbase, Ripple, Kraken, and Consensys.
Atkins has expressed a preference for clearer, fairer rules over aggressive enforcement.
However, the Unicoin case demonstrates that the SEC remains focused on rooting out fraudulent activity in the crypto sector.
The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains, civil penalties, and officer-and-director bans against the three senior executives involved.
This action forms part of the regulator’s ongoing effort to police crypto fundraising practices that may violate securities laws, protecting investors from misleading and deceptive schemes.
Alex Konanykhin has publicly declared his intent to fight the allegations in court.
Speaking to Decrypt in April, he said,
“I fully intend to win this case in the courtroom.”
He claims the lawsuit reflects the views of “rogue officials left over from the Gensler administration” who are unfairly targeting his company despite its compliance.
This dispute reveals the continuing tension between crypto businesses and regulators as the sector navigates an evolving legal landscape.
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