The cryptocurrency investment platform Unicoin has retaliated against the fraud lawsuit filed by the U.S. Securities and Exchange Commission (SEC) three months ago, accusing the agency of distorting its regulatory statements to build a case.

According to Unicoin, which appeared before a federal judge in New York on Wednesday, the SEC's lawsuit should be dismissed because it "cherry-picked excerpts from communications, misrepresenting their meaning and context; treated routine financial forecasts and optimism as fraud; and ignored Unicoin's calm warnings about risks."

Unicoin further stated that, most bizarrely, the SEC distorted Unicoin's disclosures in its own SEC filings. The SEC also improperly rephrased these disclosures as evidence of deception.

In May of this year, the SEC sued Unicoin, CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez, accusing them of raising $100 million by misleading investors about the rights certificates granting access to Unicoin tokens and stock.

Unicoin argued that the SEC pieced together its accusations, and that its claims regarding the company's violations of securities laws require further evidence.

Unicoin wrote: "Securities fraud requires more. It requires the existence of false statements, with subjective intent, and that a reasonable investor would rely on those statements. As this case shows, the risks pointed out by the SEC have been publicly and repeatedly disclosed, and these elements cannot be established."

It contended that the SEC's lawsuit is a "shotgun complaint" that fails to present a motive for Unicoin's alleged conduct and relies on indirect evidence, "misunderstandings of semantic and completely out-of-context statements."

The SEC accused Unicoin of making misleading statements, claiming that its upcoming tokens and rights certificates would be backed by billions of dollars in real-world assets (such as real estate and equity in companies planning to go public).

The regulatory agency stated that, in reality, the value of these assets is only a small fraction of what Unicoin claimed, and the company misled investors about its financial condition.

The SEC also accused Unicoin of claiming it had sold over $3 billion in rights certificates, while the company had actually only sold $110 million, falsely advertising that these tokens and rights certificates were registered with the SEC.

In its filings, Unicoin argued that the SEC's accusations regarding its misleading investors about token asset backing rely on "statements completely out of context," and that executives actually indicated the company was asset-backed, rather than the upcoming tokens.

Regarding the executives' statements that the tokens have asset backing, Unicoin pointed out, "No defendant has ever claimed that uncoined tokens would operate as fully collateralized investment products."

Unicoin added that these tokens have not yet been created, and the SEC is attempting to accuse it of wrongdoing based on "forward-looking optimistic statements."

Unicoin stated that the SEC's lawsuit prevents it from minting tokens and backing them with assets, while the lawsuit attempts to hold it accountable for "failing to create tokens fully collateralized by real-world assets."

Unicoin also noted that the SEC conflated the transaction value of the company's real estate deals with asset value, while some transactions are still in the process of closing.

Unicoin is requesting the court to make a declaratory judgment to dismiss the SEC's lawsuit, thereby preventing the SEC from filing similar lawsuits again.

Related: Hedge fund Numerai secures $500 million funding commitment from JPMorgan, driving the integration of cryptocurrency and AI.

Original: “Unicoin accuses the SEC of distorting its filings in a $100 million fraud case”

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