PANews reported on May 21 that according to the U.S. Securities and Exchange Commission (SEC), New York company Unicoin and its three executives were sued for allegedly issuing crypto asset warrants and company stocks through false statements, illegally raising more than $100 million from more than 5,000 investors. The SEC said the company claimed that its Unicoin tokens were backed by billions of dollars in real estate and other assets, but in fact most of the assets were fictitious, and misled investors that its products had been registered with the SEC. The SEC is now seeking an injunction, fines and executive bans.