The US Securities and Exchange Commission has filed a lawsuit against Unicoin, a cryptocurrency company, and its top executives, alleging a massive securities fraud scheme that raised over $100 million from investors. The SEC claims that Unicoin deceived investors by falsely stating that its tokens were backed by real estate properties, when in fact, the company never owned the properties and inflated their values. The regulator also alleges that Unicoin's executives made false statements about the company's sales and promised unrealistic returns to investors.
The defendants include Unicoin's CEO, Alexander Konanykhin, and other senior executives. The SEC is seeking disgorgement and civil penalties. Unicoin's CEO has denied the allegations, stating that the SEC's claims are 'blatantly false' and that the company will prove this in court.