June 7, 2023

SEC charges Justin Sun and company with fraud

The U.S. Securities and Exchange Commission (SEC) filed charges against Justin Sun and his three companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for unregistered offers and sales of encrypted currency asset securities Tronix (TRX) and BitTorrent (BTT), the SEC also accused Sun and his company of fraudulently manipulating the secondary market for TRX tokens through extensive write-off transactions. So-called wash trading is the simultaneous or near-simultaneous purchase and sale of a security that makes it appear to be actively traded, but the actual ownership has not changed. Sun and his company also hired celebrities to market TRX and BTT for undisclosed compensation.

Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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