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After Unicoin refused to settle with the SEC, the SEC issued a new round of subpoenas to its employees.
According to Wu, as reported by encryption journalist Eleanor Terrett, Unicoin CEO Alex Konanykhin stated that after the news of the company's refusal to settle with the SEC was made public, the SEC issued a new round of subpoenas to Unicoin employees and affiliates, which Konanykhin described as "retaliatory." The SEC declined to comment on this.