SEC Charges Unicoin Over $100M Fraudulent Token Offering

The U.S. Securities and Exchange Commission has filed charges against Unicoin and three executives for allegedly defrauding investors of more than $100 million. The crypto project stands accused of misleading claims about asset-backed tokens that never materialized.

CEO Alex Konanykhin, former president Silvina Moschini, and ex-investment chief Alex Dominguez face allegations of false statements in securities sales dating back to February 2022. Investigators contend Unicoin vastly overstated its real estate holdings meant to back the tokens.

The case highlights growing regulatory scrutiny of crypto projects making unsubstantiated claims about asset backing. Market observers note such enforcement actions may temporarily dampen investor sentiment but ultimately strengthen the digital asset ecosystem.