Unicoin

History

2025: US authorities sue Unicoin and its top manager Alexander Konanykhin

On May 20, 2025, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the Unicoin crypto platform, as well as its three top executives. The proceedings are related to a fraudulent scheme, the victims of which were thousands of investors.

Among the defendants were CEO and chairman of the board of directors of Unicoin Alex (Alexander) Konanykhin, former president and member of the board of directors Silvina Moschini, as well as ex-investment director Alex Dominguez. In a statement, the SEC said the crypto platform distributed false and misleading statements in the placement of Unicoin token rights certificates and the company's common stock. According to the regulator, Unicoin has launched active marketing activities for its promotion, including advertising at major airports, thousands of New York City taxis, as well as on television and social networks.

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Фото: Freepik

The crypto platform, as stated in the SEC materials, claimed that it sold certificates for more than $3 billion, but in fact this amount was about $110 million. Unicoin tokens underlying the certificates of rights were "backed by billions in assets," including real estate, according to the company. The SEC emphasizes that these statements were also untrue. In addition, Unicoin rights certificates and tokens were not registered with the SEC, although the crypto platform assured customers of the opposite.

The SEC lawsuit says that the fraudulent scheme has raised over $100 million from more than 5,000 investors. Unicoin and Konanykhin, who is the former president and founder of the All-Russian Exchange Bank, as stated in the regulator's materials, violated federal securities laws.^[1]

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