REcoin was marketed by founder Maksim Zaslavskiy in 2017 as "The First Ever Cryptocurrency Backed by Real Estate." The project conducted an Initial Coin Offering (ICO) through the REcoin Group Foundation, soliciting investments with the promise that proceeds would be invested in real estate. An SEC investigation revealed that the company had no real operations or real estate holdings and had made numerous material misrepresentations to investors. The SEC halted the ICO, and Zaslavskiy was subsequently convicted of securities fraud, making REcoin one of the first ICO fraud cases to be criminally prosecuted in the United States.

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