Crypto platform Unicoin is stuck in a major controversy. The US Securities and Exchange Commission (SEC) has severely accused Unicoin and its three top executives of alleged fraud of $ 100 million (about ₹ 830 crore). SEC says that Unicoin raised money from thousands of investors through fake promises and false information.
What is the whole matter?
SEC has claimed in its investigation that Unicoin’s CEO Alex Konanykhin, Board Member Silvina Moschini and former investment head Alex Dominguez misled investors. He sold certificates that promised future stake in Unicoin Token and Stocks.
These executives claimed that Unicoin’s tokens would be supported by real-world assets (eg International Real Estate). But SEC says that all these things were false and in reality Unicoin did not have the assets of that value.
recently Sec’s X account was hackedIn a fake post made from SEC’s official X account, it was claimed that Bitcoin Spot ETF has been approved. Later it was revealed that this post was not real, but was hacked by an SIM Switch cyber attack.
SEC allegations: Thousands of investors cheated by fake promises
Mark Cave, Associate Director of SEC’s Enforcement Section, said,
“All three misled thousands of investors. They made false promises that their tokens would be supported by real assets, while real assets were of very few value.”
The SEC also claims that most of the rights of the rights of the soldiers sold by Unicoin had no real value, meaning that investors were charged only by keeping them in confusion.
Case in NY court, SEC sought strict action
SEC has registered a case in the Manhattan Federal Court in New York. In this, Unicoin and its three executives have been accused of violating US Securities laws.
In this case, SEC has made many strict demand from the court, such as:
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All reportedly incorrectly earned money returns
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Everlasting Injunction for no such fraud in future
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Personally action on responsible persons
What is Unicoin?
Unicoin is a crypto project that has been presenting itself as “Asset-Backed” token ecosystem. It was claimed that its Unicoin Foreign Money would be related to real world assets and it would be able to give stable returns to investors.
But now after SEC’s allegations, a big question has arisen on the credibility of this project. If these allegations are proved in the court, Unicoin and its team members may face heavy fines and restrictions.
Warning for investors
This case shows that it is very important to take complete information before investing in the world of Crypto. Often companies try to win the trust of investors by connecting their tokens with “real assets” or “guarantee”, but the truth comes out something else.
Anyway, nowadays Crypto RIP -off is increasing, recently $ 450 Million Crypto RIP-off was revealedSo be cautious and get complete information before making any kind of investment whether you are investing in the right place or not.
In the case of UNICOIN, SEC says that assets such as real estate were named, their market value was much less than the claims of Unicoin.
Conclusion
This action of SEC on Unicoin is a strict warning in the Crypto Market. This case shows that cheating investors with fake claims and misleading advertisements will no longer run easily. Investors are advised to check thoroughly before putting money in any crypto project, understanding the transparency and technical details of the team so that they do not become a victim of any possible fraud. This news shows how much regulation and transparency is needed in the crypto industry so that investors remain confident and the right projects can be supported.
