- Unicoin fights SEC lawsuit, calls accusations politically motivated and false.
- SEC claims misrepresentation; Unicoin insists evidence was manipulated and distorted.
- CEO Konanykhin argues SEC’s actions aim to block market progress.
Unicoin has responded forcefully to the U.S. Securities and Exchange Commission’s (SEC) lawsuit, calling it a fabricated attack designed to damage its reputation. The digital asset company filed a motion in a New York federal court to have the lawsuit dismissed. Unicoin argues that the SEC’s case is based on distorted evidence and a misrepresentation of its business practices.
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Unicoin Accuses SEC of Manipulating Evidence and Distorting Facts
Unicoin’s legal filing claims that the SEC has taken financial projections out of context and ignored important risk disclosures made to investors. The firm complains that the SEC has used communication snippets selectively to deceive the court and come up with a false account of its operations. Unicoin points out that the SEC mischaracterized key regulatory filings by selecting evidence that gives a false image of what the company is engaged in.
The lawsuit, which was initiated in May by the SEC, claims that Unicoin and its executives, among them the CEO Alex Konanykhin, misled investors by exaggerating the value of real estate assets that supported its tokens and rights certificates. The commission alleges that the Thailand and Argentina properties were overrated and the customers were not aware of the actual value of the assets in the two countries. SEC further charges Unicoin with overstating the size of its real estate purchases and falsely portraying the collateral of its tokens.
Konanykhin Suggests Political Motivation Behind SEC’s Actions
Additionally, the SEC denied approving the company’s business activities, including its claims that its tokens and certificates were SEC-registered. Unicoin, however, holds that these allegations are false.
In reaction, the CEO, Alex Konanykhin, feels that the SEC is acting on politics because it wants to stop the company’s potential listing on the New York Stock Exchange (NYSE). He creates an argument that the SEC has investigated the company for more than two years without any substantial evidence of misconduct. According to Konanykhin, the SEC’s accusations are among the wider scheme to choke out Unicoin’s existence in the market.
Unicoin remains resolute in its position, demanding that the case be dismissed, as the charges are based on misinterpreted facts and a fabricated narrative.
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