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The US Securities and Exchange Commission (SEC) announced charges against Justin Sun and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for the unregistered offer and sale of crypto asset securities $TRX and $BTT, as well as for fraudulently manipulating the secondary market for $TRX through extensive wash trading.
Meanwhile, the SEC charged Justin Sun for orchestrating a scheme to pay celebrities to tout $TRX and $BTT. Eight celebrities were charged simultaneously for illegally touting $TRX and/or $BTT, including Lindsay Lohan, Jake Paul, Akon and others. Six of the charged celebrities agreed to pay a total of more than $400,000 in disgorgement, interest, and penalties to settle the charges, without admitting or denying the SEC’s findings.
The SEC stated that, from at least April 2018 through February 2019, Sun allegedly directed his employees to engage in more than 600,000 wash trades of $TRX between two crypto asset trading platform accounts he controlled, with between 4.5 million and 7.4 million $TRX wash traded daily.
According to TokenInsight data, the price of $TRX dropped 11.34% over the last 24 hours, trading at $0.059680 now.
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