The Unicoin crypto scam has become one of the most alarming events in the blockchain space in 2025. The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Unicoin, a New York-based crypto investment firm. The agency accuses the company and its executives of deceiving thousands of investors. They allegedly used false claims, fake asset backing, and unregistered securities to raise over $100 million. This case adds pressure on crypto firms to act transparently and follow federal law.
SEC Lawsuit Targets Unicoin Executives in Crypto Scam
The SEC submitted its complaint on May 20 in the U.S. District Court for Southern District of New York. It names CEO Alex Konanykhin, ex-President Silvina Moschini, and former CIO Alex Dominguez. According to the SEC, these individuals promoted Unicoin tokens with false claims. They told investors that tokens would be backed by valuable real estate and physical assets.
“Unicoin and its leadership sold a vision to thousands of investors based on false promises,” stated Mark Cave of the SEC.
But according to the Commission, the claimed asset backing was largely fabricated. In reality, these real estate holdings were exaggerated, and most of the revenue stemmed from selling “rights certificates” with no substantive value.
“Unicoin’s most senior executives are alleged to have perpetuated the fraud, and today’s action seeks accountability for their conduct,” Cave explained.
The SEC’s action also names Richard Devlin, Unicoin’s general counsel, who allegedly issued similarly misleading documents to support the firm’s unregistered offerings, violating federal securities laws alongside the executives.
Inside the $100M Unicoin Crypto Scam Operation
Since February 2022, Unicoin began offering “rights certificates” without registering them. Konanykhin reportedly sold over 37.9 million of these products. He even targeted investors previously restricted from participating.
Over 5,000 investors fell for the scheme. They believed the certificates represented secure and profitable crypto assets. Moreover, Unicoin falsely claimed to have raised $3 billion, while regulators say the real number is only $110 million.
To appear credible, Unicoin launched ads in airports, on New York taxis, TV stations, and social media. It also claimed its tokens were SEC-registered, which was not true.
SEC Seeks Penalties in Unicoin Crypto Scam Case
The SEC seeks several remedies, including:
- Permanent bans on the executives.
- Return of unlawfully obtained funds with prejudgment interest.
- Civil fines against the defendants.
- Officer-and-director bars against Konanykhin, Moschini, and Dominguez.
The case also aims to set an example, holding crypto leaders accountable and reinforcing the importance of compliance with U.S. securities laws.
Unicoin’s Response to Allegations
CEO Alex Konanykhin denies the allegations. In an April interview, he argued the SEC is attacking a compliant and transparent crypto firm.
“We lament the SEC’s actions, affirming they are persecuting the most compliant cryptocurrency company in the country using blatantly false charges.”
Konanykhin’s statement underscores the growing tension between regulators and crypto firms as the industry grapples with evolving compliance standards.
Industry Impact: Why This Matters
This case reinforces a clear message: even the most polished crypto firms are not above regulatory scrutiny. The Unicoin investigation is part of a broader effort by U.S. authorities to restore trust in digital assets and protect retail investors from opaque or manipulative behavior.
Final Thoughts
The Unicoin’s $100 crypto scam could shape the future of crypto regulation in the U.S. The SEC’s decision may influence how other firms handle compliance, transparency, and investor communication. For now, all eyes are on the outcome, and what it will mean for the next wave of Web3 innovation.