SEC Sues Unicoin for $100 Million Crypto Scam

The American Securities and Exchange Commission (SEC) has filed a lawsuit accusing Unicoin, a crypto investment company, and its executives of orchestrating a fraudulent scheme resulting in a loss of over $100 million. This action was initiated in Manhattan federal court. The SEC claims that Unicoin misled thousands of investors with false promises, leading them to contribute more than $100 million. The lawsuit alleges violations of regulations and the intentional manipulation of investor funds.