The U.S. Securities and Exchange Commission (SEC) has charged Unicoin Inc. and its leaders with a $100 million scam scheme.
SEC Allegations Against Unicoin Inc.
The SEC has accused Unicoin Inc. and its three leaders, Alex Konanykhin, Silvina Moschini, and Alex Dominguez, of operating a fraudulent scheme that deceived over 5,000 individuals.
Methods of Fraud
The agency stated that the fraudsters made false claims about the value of the certificates they sold, promising returns from future cryptocurrency and company stocks. The firm claimed to be backed by a large collection of international real estate, which in fact was worth much less.
Context and Implications for the Cryptocurrency Market
On May 20, 2025, the SEC noted that Unicoin Inc. used aggressive advertising tactics, including posters in major airports and ads on taxis in New York City, to sell its certificates. This case arises amid changing cryptocurrency regulations under President Donald Trump.
The Unicoin case highlights the ongoing issue of scams in the cryptocurrency sector, where investors fall victim to fraudsters. The SEC is working diligently to combat such schemes.
