The SEC also announced charges against Lindsay Lohan, Jake Paul and six other celebrities who failed to disclose that they were compensated for touting the crypto assets.
and his companies offered and sold Tronix and BitTorrent as investments through multiple unregistered "bounty programs," which directed interested parties to promote the tokens on social media, join and recruit others to Tron-affiliated Telegram and Discord channels and create BitTorrent accounts in exchange for TRX and BTT distributions.
"This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure," said SEC Chair Gary Gensler. "As alleged, Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX.
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