According to Deep Tide TechFlow news on December 17, the U.S. Securities and Exchange Commission (SEC) recently issued a Wells Notice to the crypto investment company Unicoin, accusing it of fraud, misconduct, and unregistered securities issuance. Unicoin CEO Alex Konanykhin revealed that the company has sold approximately $3.5 billion worth of tokens and has about 70,000 investors, with its tokens backed by physical assets such as 8,000 acres of land in the Bahamas.
SEC Chairman Gensler will resign in January 2025, a move seen as the final wave of regulatory actions against the crypto industry during his term. Unicoin must respond by December 24, and the company stated it will choose legal combat over settlement.