Breaking: New York Court Sends Civil Subpoena To Justin Sun; Gets 21 Days Ultimatum

Pratik Bhuyan
April 13, 2023 Updated August 1, 2025
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According to information that was obtained from court documents, a civil subpoena was reportedly sent to Justin Sun’s Singapore address by the U.S. District Court for the Southern District of New York. The document further outlined that the response had to be served on the plaintiff (US SEC) or the plaintiff’s agent within a period of 21 days.

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Justin Sun Faces Legal Hurdles

The subpoenas come after the U.S. SEC filed charges against the Tron founder earlier last month for the unregistered offer and sale of two cryptocurrencies as well as for engaging in market manipulation and conducting airdrops involving similar securities. The document further warned the 33-year-old crypto entrepreneur of severe consequences for failing to respond. The court was quoted as saying:

If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court.

Read More: Apple Grants Rare Approval To This DeFi Protocol; More Crypto Apps To Follow?

Sun — who gained popularity after attending the lavish $4.5 million dinner with Warren Buffet back in 2020 — allegedly attempted to artificially inflate TRX’s trading volume through wash trading by having his own employees “engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled.” Sun

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Tron’s Price Under Pressure

Following the dissemination of this news, the value of Tron’s TRX coin experienced a marginal decline. Earlier, TRX suffered a big blow when it was reported that there were rumors of Sun’s arrest in Hong Kong. However, it was eventually disregarded after Sun revealed on Twitter why it was a flawed theory.

As things currently stand, the price of TRX is exchanging hands at $0.06538 which represents a drop of 0.11% in the past 1 hour as opposed to a gain of 0.46% recorded over the past 24 hours.

Also Read: What The U.S. PPI Data Mean For Bitcoin’s Future Price Movement?

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.