US SEC Charges Unicoin with $100 Million Fraud Allegations

Uk Jin

Summary

The US SEC announced that it has charged Unicoin and its executives with fraud and securities law violations.
The SEC pointed out that Unicoin advertised collateral worth billions of dollars, but the actual asset value was much lower.
Unicoin is accused of raising over $110 million through false advertising but sold significantly more rights certificates.

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Unicoin (UNIC).

On the 20th (local time), the SEC announced on its official website that it had filed a lawsuit against Unicoin and three company executives.

The SEC charged Unicoin in the Southern District of New York for violations of anti-fraud provisions, securities registration provisions, and specific anti-fraud provisions.

It is reported that fraud allegations were detected during the issuance of Unicoin. According to the SEC, Unicoin advertised to over 5,000 investors that "its tokens are backed by billions of dollars in real estate and company capital," but their actual asset value was much lower.

Additionally, Unicoin sold more than $3 billion in rights certificates, despite the actual fundraising amount not exceeding $110 million. It was also found that they falsely advertised that these certificates and tokens were registered with the SEC.