24/7 Cryptocurrency News

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

As per latest news, Tron founder Justin Sun has been served with a subpoena by the U.S. District Court of New York on the ongoing SEC case.
Published by
Breaking: New York Court Sends Civil Subpoena To Justin Sun; Gets 21 Days Ultimatum

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.

Advertisement

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

Advertisement

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?

Advertisement

Share
Pratik Bhuyan

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.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.

Recent Posts

  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown

Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…

October 4, 2025
  • 24/7 Cryptocurrency News

FLOKI Makes History With First ETP in Europe as Price Surges 30%

FLOKI has announced the launch of the first BNB chain exchange-traded product (ETP) in Europe.…

October 4, 2025
  • 24/7 Cryptocurrency News

BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert

Binance Coin (BNB), the native cryptocurrency of BNB Chain, has surged another 8% today, moving…

October 4, 2025
  • 24/7 Cryptocurrency News

Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury

Trump’s real estate portfolio is set to go on-chain amid World Liberty Financial’s announcement of…

October 4, 2025
  • 24/7 Cryptocurrency News

ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3

Despite the broader crypto market consolidation, ASTER token is outperforming with 14% gains in the…

October 4, 2025