The SEC sued Justin Sun

The SEC announced that TRX and BTT were unregistered securities.

The SEC announced that TRX and BTT were unregistered securities. Following this announcement, TRX experienced a 10% drop and BTT dropped by nearly 3%.

According to the statements in the case file, they offered and sold $TRX and $BTT as securities, and therefore, unless there was an available exemption from registration, they were required to register these offers and sales with the SEC. However, they never did so. Despite the widespread public offers and sales of $TRX and $BTT, and the absence of any exemption from registration, neither Sun nor his companies filed a registration statement with the SEC.

According to SEC, Sun was accused of organizing a plan to artificially inflate the trading volume of TRX on the secondary market. The SEC alleged that Sun and the companies targeted only U.S. investors in their illegal offers and sales, earning millions of dollars and coordinating wash trades to create a deceptive trading image. The SEC also claimed that Sun, who paid for celebrities’ tweets, encouraged investors to buy TRX and BTT. Except for some celebrities who paid more than $400,000 to settle the charges, Sun and the companies did not admit to the allegations.

The sued celebrities,

Justin Sun (founder of TRON and BitTorrent),Marshall Faulk (NFL player) ,Hassam Khan (YouTuber) ,Jonathan “Jon” Fowlkes (musician) ,Amanda Cerny (model and YouTuber) ,Trevon James (YouTuber) ,Michael Akira West (music producer and DJ), Jessica VerSteeg (entrepreneur)

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