JUST IN: The SECgov is suing justinsuntron on fraud and market manipulation charges, and alleging that TRX and BTT are unregistered securities. nikhileshde reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.The U.S. Securities and Exchange Commission sued Justin Sun Wednesday on allegations of selling and airdropping unregistered securities, fraud and market manipulation.
Sun, who was named Grenada's ambassador to the World Trade Organization last year, tried to artificially inflate TRX's trading volume through the wash trading scheme, the SEC alleged, by having his own employees"engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled.
The agency is also suing Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Ne-Yo, Akon and Michele Mason on illegal touting charges for their roles allegedly promoting TRX and BTT without disclosing they were paid to do so. The majority of these celebrities settled the charges. Somewhere between 4.5 million and 7.4 million TRX was traded daily through these wash trades, the agency said.
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