SEC Accuses Unicoin of $100M Crypto Fraud, Targeting Top Executives

Misleading Claims and Inflated Figures

On May 21, 2025, the U.S. Securities and Exchange Commission (SEC) filed charges against cryptocurrency firm Unicoin and three of its senior executives. The SEC alleges they orchestrated a $100 million securities fraud that deceived thousands of investors.

According to the SEC’s complaint, filed in the Southern District of New York, Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez made a series of false statements about the company’s investment offerings. These involved so-called “rights certificates,” which were pitched as providing future access to Unicoin tokens and company shares.

Unicoin allegedly claimed these tokens were supported by billions of dollars in real estate and stakes in pre-IPO companies. In reality, the SEC asserts, the actual value of those assets was only a small fraction of what was advertised.

In addition to asset misrepresentation, Unicoin is accused of exaggerating its fundraising success. While the company publicly boasted of $3 billion in sales of these certificates, investigators found the real figure was no more than $110 million. Furthermore, the firm falsely marketed its offerings as “SEC-registered” or “U.S. registered,” despite not having the necessary regulatory approvals.

Legal Repercussions and Settlements

The SEC’s complaint outlines violations of federal securities laws’ antifraud provisions. The agency is pursuing:

• Permanent injunctions against further misconduct
• Disgorgement of profits obtained through the alleged fraud
• Civil penalties for each defendant

The SEC also seeks to bar Konanykhin, Moschini, and Dominguez from serving as officers or directors at any public company.

Richard Devlin, Unicoin’s general counsel, faces related charges. The SEC claims he negligently included similar false statements in investor documents. Without admitting or denying the allegations, Devlin agreed to a final judgment that includes a $37,500 civil penalty and permanent injunctive relief.

Impacts on Crypto Regulation

This case marks another aggressive move by the SEC to clamp down on misconduct in the digital asset space. Regulators have made it clear: firms promoting cryptocurrency-based investments must operate with full transparency and comply with securities laws.

As the crypto sector grows, experts anticipate closer oversight and more legal challenges. The SEC’s action against Unicoin could set a legal precedent, reinforcing that crypto companies can no longer sidestep established investor protections.