The crypto company misled investors and overstated value of real-estate assets that it said backed its tokens, the agency says

The U.S. Securities and Exchange Commission sued crypto company Unicoin and three executives on Tuesday night on fraud charges, saying the company raised over $100 million for tokens that were not actually backed by the real estate its executives claimed.

The U.S. Securities and Exchange Commission (SEC) on Wednesday charged cryptocurrency company Unicoin and three of its top executives, including its CEO and Board Chairman Alex Konanykhin, for false and misleading statements that raised more than $100 million from thousands of investors.

SEC says Unicoin misled investors with false promises of crypto tokens backed by real estate and private equity stakes.