The U.S. Securities and Exchange Commission (SEC) has accused a New York company called Unicoin Inc. and its three leaders, Alex Konanykhin, Silvina Moschini, and Alex Dominguez, of running a $100 million scam scheme. The SEC says they tricked over 5,000 people by selling certificates that promised future cryptocurrency and company stock.
As per the agency, the fraudsters made false claims about the value of these certificates. The firm also stated that it was backed by a large collection of international real estate. In reality, these properties were worth much less than what the firm claimed. Mark Cave, a senior SEC official, said these false promises tricked investors, causing many to lose a lot of money.
The agency that oversees financial markets said on May 20, 2025, that Unicoin Inc. used aggressive advertising, like posters in big airports and ads on thousands of New York City taxis, to sell its certificates that promised future cryptocurrency and stocks. This Unicoin case is happening at a time when the rules for cryptocurrencies are changing under President Donald Trump, who supports crypto.
Since Trump became president, the SEC, now led by its new boss Paul Atkins, has stopped pursuing over 10 big crypto cases, including ones against major crypto companies like Coinbase and Binance. Atkins wants to create clear and fair rules for cryptocurrencies.
In April, the SEC accused another company named Praetorian Group International of scamming people into investing $198 million in a fake scheme. The agency is working hard to catch fake companies, such as Unicoin, that deceive investors and are involved in scams.
Despite all this, the recent case of Unicoin highlights that there are still scams in the cryptocurrency world, where people are tricked into losing their money by scammers. The SEC is focusing on fraud while creating a stable environment for digital currencies.
Also Read: SEC May Overhaul Digital Asset Custody Rules, Says SEC Chair
