Crypto firm Unicoin Inc. today filed a motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) $100M fraud suit, asserting that the agency’s allegations twist the company’s disclosures and misrepresent its communications to investors.
The suit, filed in May, accuses Unicoin and its executives — CEO and Chairman Alex Konanykhin, former Chief Investment Officer Alex Dominguez, and former president and current board member Silvina Moschini — of promoting a “massive securities offering fraud” by selling over $100 million in Unicoin rights certificates. The SEC claimed that investors were misled about key attributes of the tokens and the company’s financial standing.
In its Wednesday brief, Unicoin argued that the allegations rely on “cherry-picked” statements taken out of context and disregard disclosures made directly to investors through official filings. “The SEC’s complaint twists Unicoin’s disclosures in the company’s own SEC filings and improperly recasts them as proof of deception,” the company said.
Unicoin maintained that all statements about asset-backed tokens were accurate and that investors were informed of the company’s status and intentions. The firm further emphasized that the tokens had not yet been minted, making it impossible to misrepresent characteristics of a non-existent asset.
Michael Homer of Dynamis LLP, counsel for Unicoin, stated:
