The U.S. Securities and Exchange Commission (SEC) has charged crypto platform Unicoin and several of its executives for allegedly misleading over 5,000 investors and raising more than $100 million through false claims. According to the SEC's May 20 filing, CEO Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez promised that Unicoin tokens would be backed by a global portfolio of valuable real estate assets. However, the agency alleges those properties were worth only a fraction of what was advertised.

The SEC claims that starting in 2022, Unicoin misrepresented the value of its certificates and falsely promoted them as SEC-registered. Investors were led to believe they had long-term financial security, yet the company allegedly had less than a year of financial runway—sometimes only four months. While Unicoin claimed to have sold $3 billion in certificates, actual sales totaled just $110 million.

In addition to the primary executives, Unicoin’s general counsel Richard Devlin was also charged. He has agreed to pay a $37,500 penalty without admitting wrongdoing. The SEC is seeking permanent injunctions and the return of any illicit gains from the accused.

Unicoin has not issued a public response. CEO Konanykhin reportedly declined a settlement meeting with the SEC, insisting the company would contest the charges in court. The case highlights growing regulatory pressure on crypto firms accused of misleading investors with unverified claims and inflated valuations.