The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Unicoin and its executives, alleging the company raised over $100 million through fraudulent means. The complaint states that Unicoin falsely claimed its tokens were backed by real estate that was never acquired. The SEC reports that Unicoin overvalued properties amounted to more than $1.4 billion, while they were actually worth just $300 million, and the supposed acquisitions did not close. Furthermore, Unicoin allegedly exaggerated its sales of rights certificates, claiming $3 billion in sales when the actual figure was under $110 million. The SEC also criticized the company's marketing strategy, which made unrealistic promises of returns as high as 9 million percent, echoing Bitcoin's historical growth. Despite receiving a Wells notice from the SEC last December and an offer to negotiate a settlement, CEO Alex Konanykhin dismissed the SEC's approach as an ultimatum. The SEC is pursuing both disgorgement and civil penalties in the case.

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