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HomeBusinessWatch: Crypto asset entrepreneur Justin Sun and three of his wholly owned...

Watch: Crypto asset entrepreneur Justin Sun and three of his wholly owned companies charged with fraud by the SEC

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According to the SEC, Sun, a 32-year-old Chinese national who represents Grenada as its permanent representative at the World Trade Organization, is thought to reside in Singapore or Hong Kong.

Justin Sun Twitter

Justin Sun, a “crypto asset entrepreneur” who controls a number of companies involved in the cryptocurrency industry, including Tron Foundation and BitTorrent Foundation, is the principal target of the SEC allegations. According to the SEC’s press statement, he has been charged “for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT).”

Justin Sun, a “crypto asset entrepreneur” who controls a number of companies involved in the cryptocurrency industry, including Tron Foundation and BitTorrent Foundation, is the principal target of the SEC allegations. According to the SEC’s press statement, he has been charged “for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT).”

“The Commission also alleges that Sun violated the antifraud and market manipulation provisions of the federal securities laws by orchestrating a scheme to artificially inflate the apparent trading volume of TRX in the secondary market.” “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.” “This scheme required a significant supply of TRX, which Sun allegedly provided.” “As alleged, Sun also sold TRX into the secondary market, generating proceeds of $31 million from illegal, unregistered offers and sales of the token.”

In addition, the SEC. has charged eight celebrities.

The SEC said, “With the exception of Cortez Way and Mahone, the celebrities charged today 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.”

Celebrities Lindsay Lohan, Jake Paul, and others are charged by the SEC of unlawfully promoting cryptocurrency. The SEC charges celebrities and influencers touting crypto tokens to inflate the prices using social media.

A New York federal district court received the complaint. Sun “induced investors to purchase TRX and BTT by arranging a promotional campaign in which he and his celebrity promoters obscured the fact that the celebrities were paid for their tweets,” according to a statement from SEC Chair Gary Gensler.

Eight celebrities including actress Lindsay Lohan, influencer Jake Paul and musician Soulja Boy have been charged by federal officials with fraudulently advocating two cryptocurrencies and failing to disclose they were paid to do so- which is illegal.

The SEC has formerly charged Lindsay Lohan and seven others:

  • Jake Paul

 

  • DeAndre Cortez Way (Soulja Boy)

 

  • Austin Mahone

 

  • Michele Mason (Kendra Lust)

 

  • Miles Parks McCollum (Lil Yachty)

 

  • Shaffer Smith (Ne-Yo)

 

  • Aliaune Thiam (Akon)

The celebrities named by the SEC were charged with “illegally touting” the TRX and/or BTT crypto tokens “without disclosing that they were compensated for doing so and the amount of their compensation.”   The celebrities have agreed to pay a total of more than $400,000 to settle the charges without admitting or denying the SEC’s findings.

Kim Kardashian was hit with a more than $1 million fine from the SEC in October for promoting EthereumMax digital tokens on Instagram without revealing that she was being paid to do so. Similar accusations were made against Floyd Mayweather Jr., DJ Khaled, and Steven Seagal in 2018 and 2020, respectively.

Watch: Eight Celebrity Stars including Lindsay Lohan, Jake Paul face crypto scheme charges by SEC

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