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# Other

# In the Matter of Unikrn, Inc. Admin. Proc. File No. 3-20003

                            Oct. 6, 2022                       

On September 15, 2020, the Commission instituted and simultaneously settled cease-and-desist proceedings (the “Order”) against Unikrn, Inc. (“Unikrn” or “Respondent”). In the Order, the Commission found that, from June to October 2017, Unikrn raised millions of dollars from the unregistered sales of virtual currency called “Unikoin” or UKG tokens (“UKG”) to both domestic and internal investors, based on a series of false and misleading statements, including misrepresentations about the potential marketability and use of Unikoin as a means of currency for goods and services, as well as the expected profitability of Unikoin.

The Commission ordered the Respondent to pay a civil money penalty in the amount of $6,100,000.00 to the Commission, pursuant to the payment plan detailed therein. The Commission created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty collected could be distributed to those harmed by the Respondent’s conduct described in the Order (the “Fair Fund”). *See* the Commission’s Order Release No. 33-10841.

The Fair Fund consists of $3,100,000 paid by the Respondent, and any future funds paid pursuant to the Order will be added to the Fair Fund.

On December 17, 2020, the Commission appointed Miller Kaplan Arase LLP as the Tax Administrator of the Fair Fund. *See* the Commission’s Order: Release No. 34-90700.

On December 2, 2021, the Commission issued an order appointing Guidehouse, BakerHostetler, and Pace as the Fund Administrator to oversee the administration and distribution of the Fair Fund, and set the administrator’s bond amount. *See* the Commission’s Order: Release No. 34-93711.

On January 13, 2023, the Commission published a notice of the proposed plan of distribution and opportunity for comment and simultaneously published the proposed plan of distribution (“Proposed Plan”). The notice provides the public with 30 days to submit their comments on the Proposed Plan. *See* the Commission’s Notice: Release No. 34-96665 and the Proposed Plan.

The Proposed Plan provides that the distribution of the Fair Fund shall be made to those investors who purchased or acquired UKG between June 11, 2017 and November 5, 2017 and suffered a loss as calculated by the methodology used in the plan of allocation in the Proposed Plan.

Questions regarding the filing of a claim should be directed to the SEC’s Office of Distributions mailbox listed below.

On July 7, 2023, the Commission issued a second order extending the time to enter an order approving or disapproving the plan of distribution to December 31, 2023 to allow for further evaluation and analysis to properly address the comments. See the Commission’s Order: Release No. 34-97855.

On March 19, 2024, the Commission published a notice of the amended proposed plan of distribution and opportunity for comment and simultaneously published the amended proposed plan of distribution (“Proposed Plan”). The notice provides the public with 30 days to submit their comments on the Proposed Plan. See the Commission’s Notice: Release No. 34-99779 and the Amended Proposed Plan.

The Proposed Plan has been modified to extend the Relevant Period from between June 11, 2017 and November 5, 2017 to between June 11, 2017 and November 7, 2017 to include certain investors previously unknown to the Commission. In addition, to more accurately calculate an investor’s Recognized Loss, the sales of tokens by investors from June 11, 2017 through October 31, 2020 will be taken into account.

Questions regarding the filing of a claim should be directed to the SEC’s Office of Distributions mailbox listed below.

For more information, please contact the Commission:

Office of DistributionsEmail:ENFOfficeofDistributions@sec.gov

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