On May 21, 2025, the U.S. Securities and Exchange Commission (SEC) charged cryptocurrency firm Unicoin and three top executives, including CEO Alex Konanykhin, with fraud. The SEC alleges they raised over $100 million from thousands of investors through false and misleading statements. Unicoin promoted its token as "asset-backed" and "SEC-compliant," claims the SEC disputes. Despite receiving a Wells notice in December 2024, Unicoin rejected settlement talks and plans to contest the charges in court. Konanykhin argues the SEC's actions have caused significant financial harm to the company and its investors.