Crypto Company Unicoin, Executives Face SEC Fraud Charges Over Deceptive Claims

Aniket Verma

May 20, 2025

The Securities and Exchange Commission leveled fraud charges against cryptocurrency firm Unicoin and its top three executives Tuesday for misleading investors and raising over $100 million in the process.

What Happened: The SEC stated in a press release that Unicoin and its CEO and Board Chairman Alex Konanykhin lured investors with false promises. The company had claimed that its tokens were backed by valuable real estate assets. However, the SEC alleges that these assets were significantly less valuable than Unicoin had stated.

Mark Cave, Associate Director in the SEC's Division of Enforcement, stated, “the majority of the company's sales of rights certificates were illusory.” In addition to this, Unicoin and Konanykhin are accused of violating federal securities laws by engaging in unregistered offers and sales of rights certificates.

Read Next:

Bitcoin, Ethereum, Dogecoin Rally As Senate Advances Key Crypto Bill: Analyst Says BTC Could Touch A Fresh All-Time High In Coming Days

Photo Courtesy: alfernec on Shutterstock.com

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Recommended

Former Zillow Execs Target $1.3T Market - Ad

Trump's Crypto Blueprint Unveils This Infrastructure Powerhouse - Ad

Hedge Fund Legend Humiliates Bitcoin Traders - Ad

Cathie Wood-led Ark Invest made significant trades, selling shares of Block and Cameco Corp, and buying shares of BWX Technologies.

Toll Brothers, D-Wave Quantum, Palo Alto Networks, Warby Parker, Tesla: Why These 5 Stocks Are On Investors' Radars Today

U.S. stock markets experienced a downturn today, with the Nasdaq dropping over 75 points or nearly 0.4% to 19,142.71.

World Economic Forum: "Arguably the Most Exciting Human Discovery Since Fire"

World Economic Forum: "Arguably the Most Exciting Human Discovery Since Fire" - Ad

Sam Altman, Bill Gates, and Mark Zuckerberg are all investing vast sums of money into a radical technology. According to Bloomberg, this could become 10 times bigger than AI, quantum computing, electric vehicles, cryptocurrencies, and robotics combined. And one stock is at the center of it all.

Trump White House Removes Media Transcript Archive, Drawing Transparency Criticism

The Trump White House has wiped its transcript archive, sparking criticism over transparency and control of the presidential record.

Developer to resume NY offshore wind project after Trump administration lifts pause

The Trump administration is allowing work on a major offshore wind project for New York to resume.

The Cross-Chain Giant Set for 1,000%+ Gains

The Cross-Chain Giant Set for 1,000%+ Gains - Ad

This multi-chain protocol's volume is exploding while its price is still under the radar. Institutions are moving in fast-get our urgent report before retail wakes up.

Steak 'N Shake Thanks Bitcoin For Higher Sales, Lower Fees — And It's Celebrating With 'Blockchain Menu'

Restaurant company Steak ‘n Shake is a sponsor of the Bitcoin 2025 Conference and used the event to share an update on its recent push into Bitcoin (CRYPTO: BTC) as a payment option, as it also embraced the crypto community via

Japan's troubled automaker Nissan banks on hybrid EV technology

YOKOSUKA, Japan (AP) — Money-losing Japanese automaker Nissan is banking on its latest “e-Power” technology for a turnaround.

The Next Big Thing in AI: Musk's Secret Supplier

The Next Big Thing in AI: Musk's Secret Supplier - Ad

Nvidia soared 500% in the first AI wave. Now, Elon Musk's xAI is igniting the second. With Trump's backing and policy shifts, xAI is poised to dominate generative AI. One small company behind its tech could explode in value-this may be your second chance to ride the AI boom.

Warren Buffett Has Discovered There's No Accounting For Tastes Through Berkshire's Candy Company: 'There Are All Kinds Of Crazy Things In The World That Consumers Do'

Warren Buffett shares why See's Candies hasn't expanded beyond its core markets despite its success in California. Local preferences are key.

AMC Stock Plunges After Memorial Day Surge: What's Going On?

AMC shares fell Wednesday, reversing Tuesday's gains despite no company news. The drop follows a surge from record Memorial Day weekend box office results.

This Coin Could Surge Like Bitcoin Did Back in 2013...

This Coin Could Surge Like Bitcoin Did Back in 2013... - Ad

A new coin is emerging in the crypto world. And investing in it now could end up like Bitcoin or Ethereum during their first bull runs.

Ex-Gov't Foe Joins Trump, RFK Jr.'s HHS To Lead Psychedelics Policy: What It Means For Investors

Psychedelics litigator Matthew Zorn joins HHS under RFK Jr. to lead policy. What it means for CMPS, MNMD, CYBN, PSIL & more.

Trump Confirms 25% Tariff On Samsung And Other Companies Making Smartphones Outside The US

Donald Trump confirms 25% tariff on iPhones will apply to Samsung and other non-US smartphone manufacturers.

No.1 Opportunity for 2025 [Take Action Now!]

No.1 Opportunity for 2025 [Take Action Now!] - Ad

Starlink's potential IPO Could Be the Biggest in History--Silicon Valley insider James Altucher has uncovered a way to profit BEFORE the IPO--with as little as $50. Musk's $180B giant is set to launch--will you miss out? Claim your spot before it's too late.

El Salvador's Bitcoin Holdings Show $357 Million In Unrealized Profit As Bitcoin Closes At Record Highs

El Salvador's bold foray into Bitcoin (CRYPTO: BTC) has entered a new chapter o

Organizations and companies are partnering to introduce Black students in Detroit to golf

DETROIT (AP) — As a fan, Shaun Horne is all about Detroit's professional sports teams. But when it comes to playing, the high school junior has his eyes on one game.

He's Already IPO'd Once - This Time's Different

He's Already IPO'd Once - This Time's Different - Ad

Spencer Rascoff grew Zillow from seed to IPO. But everyday investors missed pre-IPO gains. So he did things differently with Pacaso. They've already made $110M+ in gross profits and reserved the Nasdaq ticker PCSO.

Germany's economy grew by 0.4% in the 1st quarter. That's double the initial estimate

BERLIN (AP) — The , Europe's biggest, grew by 0.4% in the first quarter thanks to stronger-than-expected exports and manufacturing, official data showed Friday. That was double the growth initially estimated.

Elon Musk's $175 Billion In DOGE Cut Falls Far Short Of The Billionaire's Goal: 'Expect To Achieve Over Time The Trillion Dollars Of Savings,' Says Tesla CEO

Elon Musk ended his controversial DOGE role with praise from Trump, despite DOGE falling far short of its $1 trillion savings goal.

The Most Important "AI Stock" You've Never Heard Of

The Most Important "AI Stock" You've Never Heard Of - Ad

The AI revolution is moving faster than anyone expected. But what no one is talking about is the one company AI simply can't exist without. It may be the single most important AI investment, yet most people don't even know its name. For now. The moment Wall Street catches on, this $20 stock could explode.

Elon Musk's PAC Promised $100 Per Signature—Now It's Facing a Lawsuit

Elon Musk is facing a lawsuit filed by three swing state voters. The plaintiffs allege that Musk failed to fulfill his promise of payment for signing a petition from his political action committee, America PAC.

Elon Musk Just Got Grilled On DOGE Spending, Hits Back With 'We're Not Kings Here'

Elon Musk defended his role in Trump's government cost-cutting task force during a tense CNBC interview, insisting DOGE saved $160 billion despite skepticism over its actual impact.

Brace Yourself for Jeff Bezos' "Amazon Helios"

Brace Yourself for Jeff Bezos' "Amazon Helios" - Ad

Amazon delivers 20 million packages a day... powers some of the most popular websites... delivers medication to half of the U.S. population... and even produces award-winning films and TV shows. But a Wall Street legend -- twice featured on 60 Minutes -- predicts that "Amazon Helios" will be bigger than all of those... COMBINED.

e.l.f Beauty, Box And Joby Aviation Are Among Top 11 Mid-Cap Gainers Last Week (May 26-May 30): Are Others In Your Portfolio?

11 mid-cap stocks soared last week, including LZ Technology, Centrus Energy, e.l.f Beauty, Merus, Oklo, NuScale Power, Informatica, BRP, Box, Joby Aviation, and C3.ai.

Costco, Dell, Marvell Technology, Ulta Beauty, Tesla: Why These 5 Stocks Are On Investors' Radars Today

On Thursday, major U.S. indexes brushed off an appeals court decision to uphold Trump tariffs temporarily and closed higher. The Dow Jones Industrial Average climbed 0.3% to 42,215.73.

This Tech Could be the Spark AI Desperately Needs

This Tech Could be the Spark AI Desperately Needs - Ad

AI is evolving fast-but energy bottlenecks threaten to stall it. A material insiders call "black glass" could change everything. It's cheaper, smaller, and more powerful than anything on the market. One tiny company holds the patent. Chris Rowe reveals the ticker in this urgent broadcast.

Trump Says He Is Having Elon Musk Over At The White House Tomorrow For A Press Conference As Billionaire Exits Government: 'This Will Be His Last Day, But Not Really…'

Donald Trump will host Elon Musk at the White House to mark his departure as DOGE chief, though Musk will continue to advise the administration.

Ursula von der Leyen honored with award for contributions to European unity

BERLIN (AP) — received the International Charlemagne Prize, an annual award for contributions to European unity, on Thursday as the 27-nation bloc confronts Russia's war against Ukraine, the Trump administration's trade war and security issues across the continent.

Nvidia Is About to Shock the World: July 23rd

Nvidia Is About to Shock the World: July 23rd - Ad

Jeff Brown, the tech legend who picked shares of Nvidia in 2016 before they jumped by more than 22,000%, is warning everyone to... Mark this date on your calendar: July 23rd! That's when Nvidia could help send shares of this Elon Musk supplier skyrocketing higher.

Senate clears way to block clean air standards in California, including vehicle emission rules

WASHINGTON (AP) — Senate Republicans on Wednesday voted to establish a new precedent that will allow them to roll back , including a rule phasing out the sale of new gas-powered cars by 2035.

Palo Alto Networks Is A Top AI-Driven Cybersecurity Play: Analyst

Palo Alto Networks (PANW) will deliver its fiscal Q3 2025 results on Tuesday. Analyst Ives expects strong cyber security deal activity and platformization approach to drive growth.

Elon's New Device Could Launch Biggest IPO of the Decade

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

Can Apple's AI Tabletop Robot Snap Its Stock Slump?

Apple is developing an AI-powered tabletop robot as a major new product category focused on blending robotics and AI for the home. But can it save the struggling tech stock?

Trump officials are visiting Alaska to discuss a gas pipeline and oil drilling

JUNEAU, Alaska (AP) — The Trump administration is sending three Cabinet members to Alaska this week as it pursues oil drilling in the pristine Arctic National Wildlife Refuge and reinvigorating a that’s languished for years.

Elon's Greatest Invention... Hidden in South Memphis?

Elon's Greatest Invention... Hidden in South Memphis? - Ad

Tech legend Jeff Brown recently traveled to the industrial zone of South Memphis to investigate what he believes will be Elon's greatest invention ever... Yes, even bigger than Tesla or SpaceX.

David Sacks Hails Trump's AI Strategy In Middle East As Power Move Over China — OpenAI CEO Sam Altman Backs Him: 'Sorry Naive People Are Giving You Grief'

David Sacks and OpenAI CEO Sam Altman defended Donald Trump's AI chip deals with Gulf states, calling them a strategic win over China despite bipartisan concerns about national security risks.

Steve Jobs Wasn't Happy Unless Things Were 'Insanely Great' And That's Why This Tech CEO Is Passionate About Moving 'Mental Boundaries' That Withhold Perfection

Slootman runs his companies with Steve Jobs' binary motto: a product is either 'insanely great' or 'total sh*t.' This forces teams to strive for greatness, echoing Jobs' views. Others, like Reed Hastings and Elon Musk, also use extreme language to drive excellence.

A Better Hedge Than Gold?

A Better Hedge Than Gold? - Ad

While the whole world is piling into gold as a hedge... White House documents reveal Trump is betting big on a completely under-the-radar resource. This little-known resource is minting 1,600 millionaires every single day... And investors have a rare opportunity to take advantage before everyone else catches on.

Benzinga Bulls And Bears: Alphabet, L3Harris, Target — And Latest Tariff News Roils Markets

Benzinga examined the prospects for many investors' favorite stocks over the last week — here's a look at some of our top stories.