TechFlow news — On December 17, according to Fortune, the U.S. Securities and Exchange Commission (SEC) recently issued a Wells Notice to cryptocurrency investment firm Unicoin, accusing it of fraud, misconduct, and unregistered securities offerings. Unicoin CEO Alex Konanykhin revealed that the company has sold approximately $3.5 billion worth of tokens to around 70,000 investors, with its tokens backed by physical assets including 8,000 acres of land in the Bahamas.
SEC Chair Gensler is set to step down in January 2025, making this move seen as one of his final regulatory actions against the crypto industry. Unicoin must respond by December 24 and has stated it will choose legal defense over settlement.
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