SEC Takes Legal Action Against Justin Sun and Celebrities for Crypto Violations
TL;DR Summary
The SEC has charged Justin Sun, founder of Tron and BitTorrent, and his companies for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT), as well as fraudulently manipulating the secondary market for TRX through extensive wash trading and orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation. Eight celebrities were also charged for illegally touting TRX and/or BTT without disclosing their compensation. The SEC alleges that each of these unregistered offers and sales violated Section 5 of the Securities Act.
- SEC Charges Crypto Entrepreneur Justin Sun and his Companies for Fraud and Other Securities Law Violations SEC.gov
- SEC charges TRON founder Justin Sun, celebrities Lindsay Lohan, Jake Paul with crypto violations CNBC
- Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges CoinDesk
- Jake Paul, Lindsay Lohan, Soulja Boy Settle with SEC Over Crypto Promotion TMZ
- SEC sues Justin Sun, others over illegal crypto sales Reuters
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