Unicoin Crypto Exchange Charged in $100 Million Fraud
Federal regulators charged cryptocurrency exchange Unicoin for defrauding investors.
The Securities and Exchange Commission charged the company and three of its main executives for making false and misleading statements to its investors, according to a Tuesday (May 20) press release. Unicoin received more than $100 million from thousands of investors.
“We allege that Unicoin and its executives exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets, including an international portfolio of valuable real estate holdings,” said Mark Cave, associate director in the SEC’s Division of Enforcement, in the release. “But as we allege, the real estate assets…
