The SEC has filed a lawsuit against Tron founder, Justin Sun, and celebrities over the sale and touting of allegedly unregistered securities.
The United States Securities and Exchange Commission, or SEC, has called for a jury trial against Tron founder Justin Sun for the “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.”
In a March 22 filing in U.S. District Court for the Southern District of New York, the SEC named Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry over the offer and sale of Tron and BitTorrent , alleging the tokens were securities. The financial regulator further alleged Sun engaged in “manipulative wash trading,” driving drive public interest in the two tokens by enlisting the help of celebrities.
Among the celebrities promoting TRX and BTT were American rapper DeAndre Cortez Way, also known as Soulja Boy, Austin Mahone, actress Lindsay Lohan, YouTuber Jake Paul, and singer Aliaune Thiam, also known as Akon. Akon was also behind projects to“Although the celebrities were paid to promote TRX and BTT, their touts on social media did not disclose that they had been paid or the amounts of their payments,” said the SEC complaint.
Today we charged crypto entrepreneur Justin Sun and three of his wholly-owned companies for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent.
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