Unicoin urged a New York judge to toss the SEC’s $100 million fraud case, arguing the regulator misquoted filings and relied on “snippets” taken out of context.
Crypto investment platform Unicoin hit back at the US Securities and Exchange Commission’s fraud lawsuit after three months, accusing the agency of distorting its regulatory statements to build a case.
Unicoin told a New York federal judge on Wednesday that the SEC’s lawsuit should be dismissed as it “plucks snippets of communications and distorts their meaning and context; treats routine financial projection and optimism as fraud; and ignores Unicoin’s sober warnings about risk.”
It added, “Most bizarrely, the SEC twists Unicoin’s disclosures in the company’s own SEC filings and improperly recasts these disclosures as proof of deception.”
