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Tron Founder Justin Sun Sued by US SEC on Securities, Market Manipulation Charge...

 1 year ago
source link: https://yro.slashdot.org/story/23/03/22/1939231/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges
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The U.S. Securities and Exchange Commission sued Justin Sun Wednesday on allegations of selling and airdropping unregistered securities, fraud and market manipulation. From a report: The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent (now known as Rainberry) over the sale of tronix (TRX) and BitTorrent (BTT) tokens, which it described as unregistered crypto asset securities. The regulator further alleged that the defendants "fraudulently manipulat[ed]" TRX's secondary market through an "extensive wash trading" scheme. The agency is also suing Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Ne-Yo, Akon and Michele Mason on illegal touting charges for their roles allegedly promoting TRX and BTT without disclosing they were paid to do so. The majority of these celebrities settled the charges.

Sun, who was named Grenada's ambassador to the World Trade Organization (WTO) last year, tried to artificially inflate TRX's trading volume through the wash trading scheme, the SEC alleged, by having his own employees "engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled." Somewhere between 4.5 million and 7.4 million TRX was traded daily through these wash trades, the agency said.

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