SEC Sues Unicoin Over $100M Crypto Fraud and False Real Estate Claims

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against crypto company Unicoin and its executives, alleging securities fraud tied to over $100 million in investor funds. The complaint names CEO Alexander Konanykhin, former board chair Maria Moschini, general counsel Richard Devlin, and ex-CIO Alejandro Dominguez.

According to the SEC, Unicoin misled investors by falsely claiming its tokens were backed by international real estate assets. Properties in Argentina, Thailand, Antigua, and the Bahamas were allegedly never acquired, with real valuations under $300 million—far less than the $1.4 billion Unicoin promoted.

The SEC further accused Unicoin of inflating its token sales. While the company claimed $3 billion in rights certificate sales by June 2024, actual sales reportedly never exceeded $110 million. The agency also criticized Unicoin’s marketing, which featured exaggerated claims of returns up to 9 million percent, using ads across taxis, elevators, digital billboards, coasters, and even public Wi-Fi kiosks.

Unicoin previously received a Wells notice in December 2024, signaling impending enforcement action. Despite this, CEO Konanykhin declined a proposed settlement meeting, calling the SEC’s conditions “unacceptable” and blaming the probe for “multi-billion-dollar damages.”

While Unicoin promoted itself as a fully U.S.-compliant crypto firm—audited and publicly reporting—its claims are now under legal scrutiny. The SEC is seeking disgorgement and civil penalties. Neither the company nor its executives responded to recent requests for comment.

This lawsuit marks yet another high-profile clash between the SEC and crypto firms over transparency, token backing, and investor protection.