Unicoin will make a controlling 51% ownership investment Diamond Lake Minerals, Inc. This investment provides a powerful and strategic way for eBay to develop its position at the forefront of the future of cryptocurrency. The acquisition is expected to close in 20 days, subject to customary closing conditions. This agreement follows Unicoin and its executives being sued in the U.S. by the SEC on illegal securities offerings.
The SEC has also filed an accompanying lawsuit against Unicoin and three of its executives. Among them is CEO Alex Konanykhin, who allegedly directed a scheme that was a “massive securities fraud” that defrauded investors of more than $100 million. The regulatory agency claims Unicoin defrauded investors. They filled bubble real estate valuations and ruthlessly pushed hyperbolic returns, including an impossible 9 million percent return.
In response to the SEC’s charges, Konanykhin has called them “blatantly false” and dismissed them as such. He further blasted the agency for inflicting “multi-billion-dollar damages” with its probe. Most recently, he rebuffed a proposed settlement conference in April, calling the SEC’s offers “unacceptable.”
Following the closing of the acquisition, Diamond Lake Minerals will be renamed DiamondLake. The company will further refocus its efforts on creation of a crypto treasury. According to Unicoin CEO Alex Konanykhin, this strategic shift will help maximize profits in the alt-coin market. He believes strongly that by doubling down on this specific area will result in eye popping outcomes.
"We believe the same results achieved with Bitcoin can be replicated at a fraction of the cost in the alt-coin segment,” - Alex Konanykhin
DiamondLake’s CEO, Brian J. Esposito, hailed the deal as “historic.” He pointed to the firm’s broader ambition to introduce tokenization into more public market investment strategies to reach the mainstream. The move is part of the company’s efforts to place itself at the cutting edge of the changing digital asset landscape.
