Unicoin, a crypto investment platform known for promoting asset-backed digital tokens, is fighting back against U.S. regulators. Three months after the United States Securities and Exchange Commission (SEC) accused it of fraud, the company claims the agency twisted its filings and took its words out of context.
In a document sent to a New York federal judge on Wednesday, Unicoin asked to dismiss the SEC’s accusations, saying the agency misunderstood its communications, treated hopeful predictions as lies, and ignored warnings about risks.
SEC Sues Unicoin, Executives Over $100M Token Fraud Claims
In May, the SEC sued Unicoin and its CEO, Alex Konanykhin, including its board member, Silvina Moschini, and former investment chief Alex Dominguez. The SEC said they tricked investors into giving $100 million by lying about certificates linked to Unicoin tokens and stock.
The SEC claimed that the firm falsely said its tokens were backed by billions in assets like real estate and pre-IPO companies, but the real value was much lower. They also said Unicoin exaggerated sales at $3 billion when it was only $110 million and wrongly claimed the tokens were SEC-approved.
Unicoin argued that the SEC doesn’t have enough evidence to prove it tried to mislead investors, something that’s required to make a securities fraud case. The company said it had openly warned about risks, but the regulator misread its plans and treated them as lies.
A company executive explained that while Unicoin itself is backed by assets, its tokens are not. They also clarified that the tokens weren’t created in response to the SEC’s allegations, and that values tied to its real estate deals, including sales, are still being finalized.
Unicoin described the SEC’s lawsuit as a messy attack built on weak evidence and misinterpretations. The company has asked the court to dismiss the case permanently so it can’t be refiled. For now, the court is reviewing the matter, and neither side has made further comments.
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