March 15 2026
On Tuesday, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against New York-based Unicoin and three of its top executives, accusing them of misleading more than 5.000 investors and raising more than $100 million with false claims about crypto assets and the company itself. A serious accusation that could stir emotions in the crypto world.
The complaint, filed in the Southern District of New York, alleges CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez. These executives promoted so-called “rights certificates” tied to Unicoin tokens, but did so with false or misleading claims, according to the SEC. The company’s general counsel, Richard Devlin, is also in the spotlight for misleading statements in private placement memoranda. While he denies wrongdoing, he has agreed to pay a $37.500 fine and accept a permanent injunction.
“Unfortunately, reality isn’t always as shiny as the promises,” said Mark Cave, associate director of the SEC’s Division of Enforcement. He alleges that Unicoin and its executives duped thousands of investors with fictitious guarantees that their tokens, once issued, would be backed by real assets, including a portfolio of valuable international real estate holdings. But as the SEC alleges, the real estate assets were worth only a fraction of what the company claimed.
Unicoin has reportedly placed advertisements in airports, taxis, and on television to attract investors, pitching their offerings as “next generation” safe investments. However, it turns out that the claims about their tokens being registered with the SEC and the $3 billion raised are completely unfounded. In reality, the company has only raised a little over $110 million.
Konanykhin has indicated that he is determined to fight the allegations in court. “It is grotesque that the most compliant crypto company in the US is now the only one being sued by the SEC,” he previously stated. He argues that the lawsuit does not reflect the views of the current SEC leadership and alleges that the former administration’s staff is trying in vain to preserve their own position by intimidating the company.
The SEC is now seeking injunctive relief, payment of claimed benefits, and civil penalties against all named defendants, as well as injunctive relief for the three senior executives. The outcome of this lawsuit could have far-reaching implications not only for Unicoin, but also for the broader crypto industry, which finds itself in a volatile legal landscape.
Will we see how this legal battle plays out? Or will this be a warning to others who are pushing the boundaries between innovation and regulation?
What are the main allegations against Unicoin?
The SEC accuses Unicoin of misleading investors by making false claims about assets, registration, and the amount raised in their crypto offerings.
How much did Unicoin actually raise?
Unicoin actually raised just over $110 million, while they claimed to have invested $3 billion.
What are the consequences for the managers involved?
The SEC is seeking relief, civil penalties, and injunctive relief for Unicoin's three senior executives.
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