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SHIB Burns Skyrocket 11,899% As Crypto Market Gains Large Momentum

by admin May 22, 2025

The Shibburn tracker has revealed that over the past day, the SHIB burn metric has logged a five-digit increase with several tens of millions of meme coins sent out of circulation.

This sudden SHIB burn surge took place after the crypto market gained bullish momentum thanks to a new all-time high reached by Bitcoin.

Burn rate jumps 11,899%

The recent update published by the aforementioned source of data reveals that over the past 24 hours, the SHIB burn rate has spiked by an impressive 11,899% thanks to a large amount of meme coins burned this time cumulatively: 28,682,712 SHIB.

There have been three burn transactions today so far and they carried 15,106,880 SHIB, 6,466,388 SHIB, and 7,109,444 SHIB to unspendable blockchain wallets. The transactions were initiated by anonymous whales.

Source: Shibburn

1,095,269,361 SHIB burned in last week

According to a weekly burn update published by the Shiba-Inu-affiliated X account “Shibarium Updates” (@Shibizens), over the last week, the SHIB team have managed to dispose of a massive meme token amount.

In total, 1,095,269,361 SHIB has been driven out of the crypto market and locked in dead-end wallets. These burns were conducted via the SHIB burn portal on the Shiba Inu website.

ShibTorch – Weekly Burn Update

Total Burned: 1,095,269,361 SHIB
Change from Last Week: 🔥 +4.30%

Latest Burns:
•May 21, 2025 – 07:00 UTC: 15,106,880.28 SHIB
•May 19, 2025 – 02:24 UTC: 14,993,658.85 SHIB

Currently Collecting:
•2,491,920.75 SHIB
•115.52 BONE pic.twitter.com/No1so7Jr4L

— Shibarium Updates 📢 (@Shibizens) May 21, 2025

The two latest burns, registered there featured 14,993,658.85 SHIB (May 19) and 15,106,880.28 SHIB (May 21). As soon as another minimum amount of SHIB is collected from transaction fees on Shibarium, another burn will take place. So far 2,491,920.75 SHIB and 115.52 BONE have been collected to be burned later on.

Market gains momentum thanks to new Bitcoin ATH

On May 21, the largest digital currency by market capitalization, Bitcoin, registered a price jump as it finally reached the long-anticipated new all-time high. This time, BTC soared to $111,861.

The previous historic peak was smashed on January 20, with Bitcoin reaching $109,356 per coin. The current price surge took place as spot Bitcoin ETFs registered massive inflows ($329 million came in on Tuesday). Another trigger was the US Senate finally passing the stablecoin bill, removing a key procedural barrier for US crypto businesses and serving as a big bullish driver for the broader cryptocurrency market.

At press time, Bitcoin is changing hands at $110,484.

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May 22, 2025 0 comments

A procolored printer edited to be red to imply danger.

Product Reviews

This $6,000 professional grade direct transfer printer comes with plenty of viruses for no extra cost, unless it also steals your crypto

by admin May 22, 2025

It’s a sad truth that you just can’t ever let your guard down when it comes to malicious software, even when buying a $6,000 USD professional grade printer. This is something tech reviewer Cameron Coward found out to be all too true when reviewing a Procolored V11 Pro DTO UV Printer over on Hackster (via Techspot). The printer is supposed to be a fairly high quality device, for those looking to make UV transfers, but he found some pretty nasty software hiding on the included USB.

Coward, who’s also behind the Serial Hobbyism YouTube channel, got pretty lucky when his computer Antivirus flagged software on the included Procolored software installation USB stick as malicious. It picked the malware as being Floxif, a worm known for devastating computers that is usually shared via USB. It’s not quite as scary as ransomware on a CPU, but it’s still fortunate, he did not go ahead with the installation.

Instead, Coward tried to download and install it fresh from the website, but still was flagged for viruses along the way. He smartly contacted Procolored to ask them about the problem. The company informed him it was a false positive, and further encouraged him to install the software. Thankfully Coward didn’t, and instead turned to the internet for more more help on the issue.

A Crypto Bull Market Ahead? Bitwise CIO Says This Stablecoin Bill Changes Everything

by admin May 22, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The United States Senate made a significant move toward regulating the crypto asset industry this week by advancing the GENIUS Act, a bill aimed at establishing a comprehensive framework for stablecoins.

The measure passed the cloture vote with bipartisan support, including a notable shift from 16 Democrats who had previously opposed it. Bitwise Chief Investment Officer Matt Hougan sees the development as potentially laying the groundwork for a prolonged digital asset bull market.

Stablecoins Take Center Stage in Regulatory Push

According to Hougan, the GENIUS Act marks one of the most impactful pieces of regulatory progress for crypto in US history, perhaps even more influential than the approval of spot Bitcoin ETFs earlier this year.

He explained in a note to clients that this legislation could normalize the use of blockchain-based financial tools beyond digital currencies, ultimately pushing institutional adoption. Hougan framed the bill’s advancement as a critical moment akin to “Wall Street and crypto getting married.”

The GENIUS Act outlines strict federal guidelines for stablecoin issuers. It mandates that stablecoins be backed one-to-one with US Treasuries or dollar equivalents, that issuers register with federal banking regulators, and that issuers apply anti-money laundering protocols.

The legislation also calls for regular audits to ensure compliance and transparency. Hougan highlighted the significance of these standards, noting that they could enable major financial institutions such as JPMorgan or Bank of America to confidently issue stablecoins.

Stablecoin market capitalization. | Source: Bitwise Asset Management

Currently, the stablecoin market is valued at more than $200 billion, despite existing without clear federal regulation. Hougan believes that a formal legal framework will allow the market to scale further, potentially reaching $2.5 trillion, by bringing in traditional financial institutions, retailers, and global commerce networks.

He envisions a future where stablecoin transactions are as common as credit card payments or peer-to-peer apps like Venmo, supported by incentives such as merchant discounts and faster settlement times.

Implications Beyond Stablecoins

While the bill directly addresses stablecoins, Hougan emphasized its broader implications for the crypto sector. By enabling dollar movement over blockchain networks, the bill opens the door for other asset classes, such as stocks, bonds, and real estate, to be tokenized and transferred in similar fashion.

This possibility, he said, is central to the long-term investment case for blockchain networks like Ethereum and Solana, as well as for decentralized finance platforms like Uniswap and Aave. Hougan likened the impact of the stablecoin legislation to that of the Bitcoin ETF approvals, which served to validate crypto as a legitimate investment vehicle.

In a similar fashion, he argues, the GENIUS Act will validate blockchain-based finance as a viable infrastructure for the broader financial system. If the bill is finalized and enacted in the coming months, it could be the catalyst for institutional adoption on an entirely new scale. Hougan wrote:

This is the fundamental thesis for investing in non-bitcoin crypto assets like Ethereum, Solana, and the like: that $100+ trillion of financial assets will eventually move over blockchains. Passage of this bill starts that ball rolling. I suspect the impact here will be similar to the impact of bitcoin ETFs.

The global digital currency market cap valuation. | Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

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May 22, 2025 0 comments

GameFi Guides

SafeMoon CEO Found Guilty in US Crypto Fraud Trial

by admin May 22, 2025

In brief

Braden Karony, CEO of SafeMoon, was convicted in a U.S. federal court of conspiracy to commit securities fraud, wire fraud, and money laundering.
Prosecutors said Karony misled investors about access to the token’s liquidity pool and used millions in diverted funds for real estate and luxury cars.
The SafeMoon token once reached a market cap of more than $8 billion before collapsing amid fraud allegations.

A U.S. federal jury has found Braden Karony, the chief executive of digital asset firm SafeMoon, guilty on all counts in a crypto fraud case that prosecutors said led to the misappropriation of millions of dollars in investor funds.

Karony was convicted of conspiracy to commit securities fraud, wire fraud, and money laundering following a 12-day trial before U.S. District Judge Eric R. Komitee in the Eastern District of New York. He faces up to 45 years in prison when sentenced.

A jury also ordered the forfeiture of one residential property and the proceeds from the sale of another, amounting to roughly $2 million.

Prosecutors said the scheme undermined investor confidence in digital assets and contributed to broader concerns about fraud in the crypto market.

“The SafeMoon digital asset was anything but safe and turned out to be pie in the sky for investors who were deliberately misled by Karony, a man who sought to get rich quick by stealing and diverting millions of dollars,” U.S. Attorney Joseph Nocella, Jr. said in a statement.

Prosecutors alleged Karony and his “co-conspirators” misled investors about the structure and safety of SafeMoon, a token issued in 2021 that applied a 10% transaction tax on transfers.

Half of that fee was purportedly redistributed to token holders, while the remainder was said to be locked in a liquidity pool to support trading.

In reality, the Justice Department said Karony and others retained access to the liquidity pool and diverted substantial funds for personal use.

Despite public claims that they did not hold or trade SafeMoon tokens, Karony and others repeatedly bought and sold the asset for personal gain, including during peak prices, the court heard.

The diverted funds were used to purchase multiple properties, luxury vehicles, including an Audi R8 and Tesla, and custom trucks, according to the indictment.

Karony is accused of concealing his trading activity and use of investor funds through a series of pseudonymous wallets and unhosted accounts on centralized exchanges.

He personally obtained more than $9 million in crypto assets from the scheme, authorities said.

One co-defendant, Thomas Smith, has pleaded guilty and is awaiting sentencing. Another, Kyle Nagy, remains at large.

The case was investigated by the FBI, IRS Criminal Investigation, and Homeland Security Investigations, with assistance from the U.S. Securities and Exchange Commission.

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May 22, 2025 0 comments

NFT Gaming

Crypto News Digest by U.Today

by admin May 21, 2025

U.Today presents the top three news stories over the past day.

Mysterious new whale pulls 260,000,000 DOGE out of Robinhood

According to blockchain transaction data, yesterday, May 20, 260 million DOGE were spotted leaving Robinhood, a major U.S.-based brokerage platform. The value of the moved funds stands at over $57 million. The funds were transferred to an unknown wallet in two transactions, with the first one carrying the majority of coins, 210 million DOGE worth at $46 million and the second moving another 50 million DOGE to the same address. Currently, the final destination wallet holds around 420 million DOGE valued at nearly $92 million. Notably, the receiving wallet is not linked to any known exchange or custodial platform, and it has recently seen a steady increase in incoming Dogecoin. The transactions are part of a bigger trend of Dogecoin moving away from exchanges and into long-term storage, though the exact purpose of these transfers remains unclear.

XRP ETF delayed by SEC; When will it be approved?

The U.S. SEC has delayed its decision on 21Shares’s proposal to launch a spot-based XRP ETF. However, this should not be viewed as a negative sign, given that it is a standard practice for the agency. The proposal review period can last up to a total of 240 days, during which the SEC gathers public opinions and analyzes pertinent data. The 21Shares filing was originally submitted on March 11, which means the delay notice falls within the normal time frame. Earlier this year, the agency also delayed applications from Franklin Templeton and Bitwise. However, it should be kept in mind that Bitcoin and Ethereum ETFs faced similar postponements before eventual approval. Despite the delays, industry experts and market analysts remain optimistic; according to Bloomberg, spot-based XRP ETFs are expected to receive approval by the end of the year. However, there is also a chance they could be approved as soon as June.

137% Shiba Inu (SHIB) surge in 24 hours: What’s happening?

Shiba Inu has experienced a remarkable 137% surge in a single day, driven by increased large transaction activity that has brought the meme coin back into focus. Despite this, the price remains near $0.000014, just above a key support level at the 100 EMA, which triggered its recent breakout, but it is close to losing the 26 EMA, a short-term trend indicator. Technical analysis shows declining volume despite the price holding near highs, suggesting potential buyer exhaustion or an upcoming reversal, especially given the high concentration of large holders. On-chain signals and retail interest are still bearish, with a decreasing number of Telegram users and mixed metrics, though liquidity remains strong with over $36 million in trading volume. SHIB could retest $0.000016 if the volume resurges and it bounces off the 100 EMA, but if support fails, it could drop to $0.000012 or lower.

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May 21, 2025 0 comments

NFT Gaming

Crypto Hedge Fund Temple Capital Hires TradFi Execs as Institutional Demand Grows

by admin May 21, 2025

Crypto hedge fund Temple Capital has expanded its senior management team with hires from Hilbert Capital, BlueCrest and Brevan Howard, the company said in a press release Wednesday.

Guy Griffiths has joined as chief financial officer, the company said. He was previously employed by macro hedge fund Brevan Howard in London for 19 years.

Richard Murray, former CEO of crypto asset manager Hilbert Capital, has joined Temple Capital as a partner of the firm. He was also a former executive at Brevan.

Cristian-Teodor Tudor, formerly lead quant developer at BlueCrest, has joined the investment firm as a quant researcher.

Temple Capital currently manages $120 million in assets and is backed by Bain Capital and Pantera Capital.

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May 21, 2025 0 comments

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SEC ‘Playing Regulatory Jenga’: Commissioner Crenshaw Slams Agency’s New Crypto Approach

by admin May 21, 2025

The sole Democratic Commissioner at the US Securities and Exchange Commission (SEC), Caroline Crenshaw, recently criticized the agency’s new regulatory approach toward cryptocurrencies, warning that the watchdog is playing a “dangerous” game.

Crypto Regulation’s Jenga Tower

In her remarks at the SEC Speak event, SEC Commissioner Caroline Crenshaw said that the regulatory agency is undermining its decades of work while staring at “alarming market volatility, emerging risks, and calls for deregulatory action in all corners of our markets.”

The Democratic Commissioner affirmed on Monday that the watchdog is “playing a game of regulatory Jenga,” with their “proverbial Jenga Tower,” comprised of “a set of discrete but interrelated rules and laws, deeply and carefully developed over the years.”

Criticizing the SEC’s new regulatory approach, Crenshaw questioned how many blocks the Commission can pull “before the tower gives away,” arguing that it has already shaken the tower by pulling institutional integrity, failing to enforce laws, and ignoring potential market risks.

She affirmed that the “most devastating” Jenga piece to go was the SEC staff, which has declined by nearly 15% in the past four months. Additionally, Crenshaw blasted the agency’s recent use of guidance on topics like memecoins and crypto mining “to walk away from rules and upend longstanding practice.”

In particular, our statements on these crypto-related issues are the equivalent of a wink and nod intended to convey that we do not plan to rigorously apply our laws in certain, specific situations. For example, the statements pull at the threads of our most foundational case law while meekly suggesting – in footnotes – that we still might do the required facts and circumstances analysis in each case.

The Commissioner stated that crypto presents “certain novel risks,” which could lead the agency to “repeat hard lessons with high stakes” if they fail to address them as crypto becomes increasingly entangled with traditional finance.

SEC’s New Regulatory Approach

One of Crenshaw’s key remarks also addressed the SEC’s long-criticized “regulation by enforcement” approach, slamming the new “regulation by non-enforcement” of the Trump administration.

According to the Democratic Commissioner, the term was a “total misnomer” as the agency staff didn’t try to create new laws with the cases. Instead, these actions “applied decades-old precedent to address violations of existing securities laws.”

She alleged that the SEC has abandoned its duty to enforce existing law with the shutdown of its enforcement program “in anticipation of creating new crypto-friendly rules.”

On the contrary, the SEC’s new chairman, Paul Atkins, criticized the agency’s previous “head-in-the-sand” regulatory approach, affirming that it stalled innovation and created an uncertain state for the crypto industry.

At the SEC Speak event, Atkins shared his vision for a more welcoming and constructive regulatory environment, contrary to the previous administration’s aggressive “shoot-first-and-ask-questions-later” strategy.

He detailed that this approach led to a communication breach and a lack of trust between the SEC and the crypto industry, which made working together on complex legal matters difficult.

Ultimately, Atkins directed the Division of Corporation Finance to address these issues by maintaining transparent interactions with the public. He also announced that the SEC’s policy Division has started drafting rule proposals related to crypto.

“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation. The markets innovate, and the SEC should not be in the business of telling them to stand still. It is a new day at the SEC, and I look forward to what we are going to be able to accomplish for investors and the markets,” he concluded.

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May 21, 2025 0 comments

Coinbase Lawsuit, a Privacy Disaster Waiting to Happen? Best Crypto Wallets to Consider Instead

Crypto Trends

Coinbase Lawsuit, a Privacy Disaster Waiting to Happen? Consider Crypto Wallets Like Best Wallet Instead

by admin May 21, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Less than a week since Coinbase’s hack, the crypto exchange is in the crosshairs again.

This time, it’s a class-action lawsuit filed by Illinois residents claiming that Coinbase had processed their biometric data without consent.

An excerpt from the filing alleges that this breaches Illinois’ Biometric Information Privacy Act (BIPA).

Source: Court Listener

As if that wasn’t enough, Coinbase seems to have transmitted this data to third-party vendors (like Solaris and Jumio). Again, without the data subjects’ consent (allegedly).

The EU’s GDPR Enforcement Tracker comes to mind here. Websites and companies are fined on a daily basis for this exact thing—collecting personal data without consent.

Coinbase’s behavior (especially after the latest hack) is a privacy disaster waiting to happen. After all, it’s still your crypto and hard-earned money at risk.

Which begs the question – what’s a better way to store crypto? The answer is in non-custodial crypto wallets like Best Wallet.

You alone own the keys to your crypto, personal data collection is minimal (often just an email address), and you also get side benefits through the Best Wallet Token.

Below, we’ll explain Coinbase’s situation and how crypto wallets are a safer option.

Coinbase, Stop Hitting Yourself. Lawsuits Are Bad for You.

The lawsuit claims Coinbase asked users for a government ID and a selfie during the sign-up procedure. So far, so good. It’s a pretty standard process for a crypto exchange these days (unfortunately).

Here’s where the problems begin:

Coinbase sent the data to third-party facial recognition tools,
all without notifying the users that this would happen
or asking for their consent to the data processing.

If this sounds familiar, that’s because it is. Back in May 2023, Coinbase received an identical lawsuit from another Illinois resident alleging a breach of the state’s BIPA.

By February 2025, the lawsuit still hadn’t been finalized – the complainant and Coinbase agreed to undergo arbitration (a private ruling by an independent arbitrator, not a full court trial).

Back then, Coinbase argued that the user had consented to the data processing when checking the ‘I agree to the User Agreement and Privacy Policy’ box during the sign-up procedure.

This allegedly voided the complainant’s justifications for the class action lawsuit.

Plus, the most important bit—another term the user had unwittingly accepted when checking that box is waiving his right to join a class-action lawsuit.

User Agreements never cease to surprise, right?

Storing your new crypto on Coinbase suddenly becomes somewhat sketchy. Exchange hacks also constantly threaten your asset security (see what happened with Bybit and 1inch).

Fortunately, solutions like Best Wallet solve this problem through self-custody, minimal data collection, and top-of-the-line encryption.

Best Wallet Doesn’t Treat You Like a Data Treasure Trove

In a world of Coinbases, you need the Best Wallet, one of the best anonymous, non-custodial crypto wallets available today. With Best Wallet, you can:

Keep your sensitive information private
Control your own private keys
Buy, sell, and swap crypto on five major blockchains (Ethereum, Binance Smart Chain, Polygon, Bitcoin, and Base)
Stake tokens at industry-high APYs (further boosted if you hold the Best Wallet Token)
Invest in some of the best presales directly in the wallet app (a first in the industry) with occasional bonuses and airdrops
Participate in a growing ecosystem with plans to support 60+ chains, launch a fiat Best Card, plus an NFT gallery, derivatives trading, and market intel analytics

Some of these features are only available to $BEST holders, which is why investing in the Best Wallet Token presale is the best way to get started with this crypto wallet.

Buying in will also get you reduced transaction fees, higher staking rewards, community governance, and early access to some of the best meme coins.

Security is handled through Fireblocks MPC, a cutting-edge cloud backup solution for multi-chain wallets like Best Wallet.

The presale has raised over $12.5M, and the token currently costs $0.025055 – you won’t get a cheaper price. In less than 12 hours, the price will increase again, so now’s the time to buy.

Another layer of rewards awaits you if you stake $BEST for a 116% APY (this will decrease as more people stake).

A simple calculation shows that buying 11,973 $BEST for $300 now and staking for an average 50% APY would lead to 17,959 tokens in a year (or $450 at the current token price).

But our Best Wallet price prediction also indicates a $0.62 price by the end of 2026. So that $300 investment could turn into $11,140, a 37x increase. That’s a tidy sum, if the price estimate holds true.

To Sum Up: Coinbase Nay, Self-Custody Crypto Wallets Aye

Coinbase’s second screw-up in a row leaves a bad taste in the mouth. It’s sad to see how often data privacy and asset security are put on the back burner as exchanges pursue maximum profit.

The lesson is that the only person you can trust is yourself. And that’s exactly what self-custodial wallets like Best Wallet let you do—they put you in control of your data and funds and reward you for it.

Don’t forget to do your own research before investing in crypto and presales. The market is volatile and prone to immediate fluctuations. Only invest what you can afford to lose!

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May 21, 2025 0 comments

NFT Gaming

PYTH crypto could crash as potential death cross looms

by admin May 21, 2025

Pyth Network’s price has dropped over 66% from its yearly high, and technicals point to a further downside.

As of the afternoon on May 21 (Asia time), Pyth (PYTH) was trading around $0.124, down about 3% in the past 24 hours. That’s its lowest point since April 11. The token’s market cap currently sits just above $22.7 billion.

The latest slide follows a scheduled token unlock on May 20, which released approximately 2.13 billion PYTH into circulation, valued at $275.11 million.

The unlock, part of Pyth’s annual vesting cycle, represented 58.7% of the circulating supply at the time and was distributed to early investors, contributors, and ecosystem participants.

Following the event, Pyth’s circulating supply has surged to nearly 5.75 billion tokens, around 57.5% of its maximum supply, which is capped at 10 billion. With this unlock, approximately 36% of the total supply is now in active circulation. The final two unlocks are scheduled for May 2026 and May 2027.

Large unlocks like this often unsettle investors, as they inject a significant volume of new tokens into the market without a matching rise in demand. That imbalance can lead to downward price pressure. Even if not all recipients offload immediately, many tend to sell early, anticipating further declines.

At the same time, unlocks are often part of a project’s long-term roadmap to distribute ownership more broadly and reward early contributors. They usually mark key milestones in the development cycle.

Since Pyth’s unlock schedule was publicly disclosed well in advance, some of the impact may have already been factored in, potentially reducing the risk of a sharp, panic-driven selloff.

PYTH eyes drop to $0.10 support level

Although PYTH price has recovered slightly since the unlock event, there is a risk that the PYTH price will continue downward in the next few weeks as a death cross pattern nears on the 4-hour/USDT chart.

A death cross forms when the 200-day and 50-day Exponential Moving Averages cross each other while pointing downwards.

PYTH price, 50-day and 200-day EMA chart — May 21 | Source: crypto.news

In Pyth Network’s case, the spread between the two moving averages has narrowed in the past few months. Its 200-day MA was at $0.1552, while the 50-day was at $0.1589.

A death cross often leads to a substantial decline over time. For example, the last time that PYTH price formed this pattern was in December last year, and the coin dropped by over 76%.

PYTH Supertrend and RSI chart — May 21 | Source: crypto.news

On top of that, the Supertrend indicator has also flashed a red signal, adding to the bearish outlook.

If the death cross is validated, PYTH could continue falling in the near term, with $0.10 being the next key level to watch as both a psychological support and its lowest point from April.

That said, PYTH’s Relative Strength Index is currently sitting at 30, which is right near the oversold zone. This might trigger a short-term relief rally as buyers look to buy the dip, but any recovery could be temporary unless the broader trend shifts.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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May 21, 2025 0 comments

NFT Gaming

SEC Charges Unicoin, Executives Over Alleged $110 Million Crypto Fraud

by admin May 21, 2025

In brief

The SEC has charged Unicoin and top executives with allegedly misleading over 5,000 investors in a $100 million crypto offering.
Regulators said Unicoin made false statements about asset backing, registration, and the total amount raised.
The SEC alleges Unicoin’s marketing campaign used widespread advertising to promote the offering as a secure investment.

The U.S. Securities and Exchange Commission on Tuesday charged New York-based Unicoin and three of its top executives with allegedly misleading investors and raising more than $100 million through false claims about crypto asset offerings and company stock.

In a complaint filed in the Southern District of New York, the SEC accused Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez of promoting so-called “rights certificates” tied to Unicoin tokens through allegedly false or misleading statements.

The complaint also targets the company’s general counsel, Richard Devlin, for misleading statements in private placement memoranda. Without admitting wrongdoing, Devlin has agreed to pay a $37,500 penalty and accept a permanent injunction.

“We allege that Unicoin and its executives exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets including an international portfolio of valuable real estate holdings,” Mark Cave, associate director in the SEC’s Division of Enforcement, said in a statement. “But as we allege, the real estate assets were worth a mere fraction of what the company claimed.”

The case comes as the SEC, under the Trump administration, has retreated from several high-profile crypto enforcement actions, including recent cases against Coinbase, Ripple, Kraken, and Consensys.

Recent actions against Coinbase, Ripple, Kraken, and Consensys have been dropped amid a broader shift away from the more aggressive regulatory stance taken by the previous administration.

According to the SEC, Unicoin falsely claimed its tokens were registered with the agency and that it had raised $3 billion in rights certificate sales, when it raised just over $110 million.

The agency further alleges Konanykhin personally sold nearly 38 million certificates to investors otherwise barred from participating.

Unicoin allegedly placed ads in airports, taxis, and on television to attract investors, presenting the offerings as “next generation” secure investments.

Speaking to Decrypt in April, Konanykhin vowed to contest the charges in court. “I fully intend to win this case in the courtroom,” he said. “It’s grotesque that the most compliant crypto company in the U.S. remains the only one being persecuted by the SEC.”

He argues the lawsuit doesn’t represent the views of the current SEC leadership.

“This is being driven by rogue officials left over from the Gensler administration who are trying to cover themselves by bullying us into a false admission of guilt,” Konanykhin said at the time.

The SEC is seeking injunctive relief, disgorgement, and civil penalties against all named defendants, as well as officer-and-director bans for the three senior executives.

Konanykhin has been contacted for comment.

Edited by Sebastian Sinclair

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May 21, 2025 0 comments