Sec accused Fraud on Unicoin, investigation begins
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 of sec X The account was hacked, a fake post made from SEC’s official X account claimed that Bitcoin Spot ETF has been approved. Later it was revealed that this post was not real, but was hacked by a SIM Swap cyber attack.
SEC allegations: Thousands of investors cheated by fake promises
Mark Cave, Associate Director of SEC’s Enforcement Division, 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 Manhattan 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:
- All reportedly incorrectly earned money returns
- Permanent injunction for no such fraud in future
- 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 Currency would be connected 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 Scam is increasing, recently the $ 450 Million Crypto Scam was revealed. So 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.