Unicoin and Executives Indicted: $100 Million Crypto Fraud Allegations

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Unicoin, a cryptocurrency platform, and three of its top executives. The SEC alleges a massive fraud scheme that defrauded investors out of approximately $100 million through false and misleading statements regarding Unicoin’s assets.

The SEC’s complaint, filed in a Manhattan federal court on May 20, 2025, names Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez as defendants. The agency accuses the trio of deceiving investors about certificates representing rights to receive Unicoin tokens and stock, falsely claiming that these tokens would be backed by substantial real-world assets, primarily a global real estate portfolio.

According to Mark Cave, Associate Director in the SEC’s Division of Enforcement, the defendants’ claims were grossly exaggerated. Cave stated that “the real estate assets were worth a mere fraction of what the company claimed, and the majority of the company’s sales of rights certificates were illusory.” The SEC’s action seeks permanent injunctive relief, disgorgement of the allegedly ill-gotten gains, and civil penalties.

This case underscores the ongoing challenges regulators face in policing the cryptocurrency market. The SEC’s pursuit of Unicoin and its executives sends a strong message about the consequences of making false and misleading statements to investors in the cryptocurrency space. The case is likely to set a significant precedent for future regulatory actions in the crypto market.

Further Reading: SEC Press Release