Justin Sun Responds To SEC Lawsuit

SEC Sues Celebrities For Promoting Unregistered Crypto Securities

The US SEC has sued Tron Founder and eight other celebrities for promoting cryptocurrencies that were unregistered securities.

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The eight celebrities are Lindsay Lohan, Jake Paul, Soulja Boy, Austin Mahone, Kendra Lust, Lil Yachty, Ne-Yo and Akon.

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Six of the eight celebrities named above agreed to pay a total of US$400,000 in disgorgement, interest, and penalties to settle the charges, SEC said.

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The SEC has charged Justin Sun with fraudulently manipulating the secondary market for TRX through extensive wash trading.

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Wash Trading is when someone fakes buy/sell orders to make it appear actively traded, without change in beneficial ownership.

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The charge list also included Sun’s companies Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent).

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We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system, Justin Sun responded to the lawsuit.

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