SEC Charges Celebrities, Including Jake Paul and Lindsay Lohan, for Crypto Promotions

The SEC has charged eight celebrities, including Jake Paul and Lindsay Lohan, for illegally promoting cryptocurrencies Tronix and/or BitTorrent without disclosing their compensation. Most of the celebrities agreed to pay over $400,000 in penalties and interest to settle the charges. The SEC also charged crypto entrepreneur Justin Sun and his companies for securities fraud, accusing him of the unregulated offer and sale of securities, market manipulation, and orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation. Sun generated a profit of $31 million from illegal sales of his crypto token Tronix.