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The SEC has just filed a lawsuit against Unicoin, its CEO, and promoters, accusing them of “a massive securities offering fraud” amounting to more than $100 million. The SEC had reportedly previously tried to negotiate a settlement, but Unicoin refused it.

The SEC warned Unicoin of impending civil charges in December 2024, after the company decided after Trump’s election that they would breach a standstill agreement they’d entered with the agency.

The Unicoin crypto investment company say they have received a Wells notice from the SEC,c warning them of impending legal action involving not only unregistered securities offerings, but also fraud and deceptive business practices. Unicoin’s CEO Alex Konanykhin said the company received subpoenas earlier this year focused on the company’s eponymous token, which they say is backed by real-world assets including real estate. This is not the first SEC investigation into Unicoin, though previous ones did not result in any legal action. Unlike most crypto projects, Unicoin self-identifies its token as a security. While Unicoin had previously agreed with the SEC that they would not to try to go public or undertake ICOs, Konanykhin said they had decided to breach the agreement after Trump won the presidency.

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SEC Chair Paul Atkins sworn in

Meet our new SEC Chair, Paul Atkins. Who better for the role than a Project 2025 architect who blamed the FTX fraud on the US not being "accommodating" to blockchain technology?

@molly0xfff Who better to regulate financial markets than Paul Atkins, a Project 2025 architect who blamed the FTX fraud on the US not being "accommodating" to blockchain technology? #sec #trumpadministration #project2025 #paulatkins ♬ original sound - Molly White
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