TechFlow news, June 23 — According to CoinDesk, Unicoin announced it will acquire a 51% stake in Diamond Lake Minerals and plans to rename the company DiamondLake. The new entity will focus on building an asset portfolio centered on emerging cryptocurrencies, a strategy similar to Strategy's bitcoin accumulation model. The acquisition is expected to be valued at over $70 million and could be completed within 20 days.
Notably, one month prior to this acquisition announcement, the SEC sued Unicoin and its three executives, accusing them of securities fraud and illegally raising over $100 million. Unicoin CEO Alex Konanykhin has dismissed the allegations as "manifestly false."
DiamondLake will focus on tokenizing physical assets, enabling ordinary investors to participate in investments more easily.
