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Home » The US is suing Justin Sun and entertainment celebrities

The US is suing Justin Sun and entertainment celebrities

Justin Sun, lead developer of the Tron network, has been sued by the United States Securities and Exchange Commission (SEC) for selling unregistered securities, fraud and market manipulation.

Sun, founder of Tron and BitTorrent would have done that Offering of unregistered assets and sale of crypto assets Tronix (TRX) and BitTorrent (BTT) without permission, pursuant to a release the SEC.

The regulator also accused Sun and his companies of “fraudulently manipulating the TRX secondary market through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear as if it is actively traded.” Change of Beneficial Ownership.”

Between 2018 and 2019, Sun is said to have ordered its employees to do so will participate in more than 600,000 surgeries of laundering the TRX token between two accounts in cryptocurrency exchanges that he himself controlled. They traded between $4 million and $7 million in TRX tokens daily, US regulator says.

Similarly, reference is made to Grenada’s Ambassador to the World Trade Organization (WTO). with famous celebrities to promote him to the tokens.

In connection with this, the SEC has also taken legal action against celebrities such as artist Lindsay Lohan, rappers Soulja Boy, Lil Yachty, YouTuber Jake Paul and adult film actress Michele Mason (Kendra Lust).

Several of the indicted celebrities agreed to pay a total of $400,000 in repayment, interest and penalties to settle the charges, without admitting or denying the SEC’s findings.

This step shows that the US federal authorities are apparently coordinating measures against companies within the cryptocurrency marketa fact reported by CriptoNoticias.

This was reflected in a recent proposal by the SEC that would require cryptocurrency holdings to be held by “qualified custodians” — in this case, banks — rather than exchanges.

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