The world of crypto never sleeps, and today was no exception. From high-stakes legal drama in the United States to political fallout in Argentina and a costly mistake by the German government, here’s a breakdown of the top stories shaping the crypto landscape.
🔍 SEC Targets Unicoin in $100M Fraud Case
In a move that’s sending shockwaves through the digital asset world, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against crypto platform Unicoin and several of its top executives. The regulatory agency alleges that the firm raised over $100 million by misleading more than 5,000 investors with promises that, according to the SEC, had no real foundation.
The individuals named in the complaint include CEO Alex Konanykhin, board member Silvina Moschini, and former chief of investments Alex Dominguez. The SEC claims they pitched “rights certificates” that were supposed to be redeemable for Unicoin tokens and stock—assets they said were backed by billions in global real estate. In reality, the SEC says the portfolio was vastly overvalued, and many of the promised sales were little more than smoke and mirrors.
Richard Devlin, the company’s general counsel, was also caught up in the charges. While he didn’t admit or deny wrongdoing, Devlin agreed to pay a $37,500 penalty, suggesting that the SEC has built a compelling case.
This is yet another chapter in the SEC’s ongoing crackdown on crypto firms that blur the line between innovation and deception.
🇦🇷 Argentina’s President Pulls Plug on LIBRA Investigation
Over in South America, controversy is swirling around Argentina’s president, Javier Milei. Just months after promoting the now-defunct cryptocurrency LIBRA on his social media, Milei has shut down the official task force investigating its suspicious rise and sudden collapse.
On May 19, a decree signed by Milei and Justice Minister Mariano Cúneo Libarona officially disbanded the Investigative Task Unit (ITU). The group was initially set up in February to look into LIBRA after the token inexplicably skyrocketed to a $5 billion market cap following Milei’s public endorsement—only to crash to zero shortly afterward.
Local media reports say opposition leaders are pushing for a new investigative commission, citing concerns over possible market manipulation and insider trading. The abrupt shutdown of the ITU has only added fuel to the fire.
Milei’s critics argue that dissolving the task force just as momentum for further investigation was building suggests an attempt to bury the scandal, while his supporters insist the unit had fulfilled its mandate.
🇩🇪 Germany Sells Bitcoin Too Early, Misses Out on Billions
Germany might be known for its precision engineering, but its timing in the crypto markets left a lot to be desired this year. According to Arkham Intelligence, the German government missed out on a jaw-dropping $2.3 billion in potential profits by selling its Bitcoin holdings too soon.
The country’s official crypto wallet, labeled “German Government (BKA),” offloaded 49,858 BTC at an average price of $57,900 during June and July 2024. While the sale netted around $2.89 billion, those same coins would now be worth over $5.2 billion, based on Bitcoin’s current trading price of $104,700.
The BTC in question was believed to have been seized from Movie2k, a now-defunct piracy site. On June 19, a 6,500 BTC transfer triggered speculation that a major sell-off was underway—speculation that proved accurate.
In hindsight, holding the coins just a few months longer would have nearly doubled the government’s return. It’s a classic case of premature liquidation in a volatile market where patience often pays.
