SEC Lawsuit Targets Unicoin Over $100 Million Crypto Fraud Scheme

The Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency platform Unicoin and its executives, alleging that they raised over $100 million through deceptive claims about investment certificates backed by inflated real estate assets. This action comes amidst mounting legal troubles for the crypto industry. The SEC claims that the certificates were aggressively marketed as providing access to future Unicoin tokens and equity in the company. However, the regulator alleges that these claims were false and that the promised real-world assets were worth far less than advertised. A total of $100 million was raised through this scheme.