The SEC is targeting Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez
The US Securities and Exchange Commission (SEC) has filed a lawsuit against crypto platform Unicoin and several of its top executives, accusing them of misleading investors in a $100 million scheme. The complaint, filed in a federal court in Manhattan, targets CEO Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez.
According to the SEC, the group misrepresented the nature and value of Unicoin’s crypto offerings. Investors were sold certificates promising future Unicoin tokens and stock, backed by what the company claimed was a large and valuable international real estate portfolio. However, the SEC says those properties were worth far less than advertised, and many of the certificate sales were essentially meaningless.
The platform is also accused of giving a false impression of its financial stability. Regulators say Unicoin claimed to have enough funding to last for decades, but in reality, it often had less than a year’s worth of resources—sometimes only a few months. In another major claim, the SEC alleges Unicoin said it had sold over $3 billion worth of rights certificates, when the actual figure was closer to $110 million.
The SEC further charged the company’s general counsel, Richard Devlin, who agreed to pay a $37,500 civil penalty without admitting or denying the allegations.
The legal case stems from activity dating back to 2022. Regulators argue the company used misleading marketing to attract more than 5,000 investors. The SEC is now seeking permanent restrictions on Unicoin’s operations and wants the company to return the funds raised through the sales.
Unicoin and its executives have not commented publicly. However, Konanykhin has said the company intends to fight the charges, stating that some of the SEC’s requests were unreasonable during a proposed settlement meeting earlier this year.
