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Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges

The U.S. Securities and Exchange Commission sued Justin Sun Wednesday on allegations of selling and airdropping unregistered securities, fraud and market manipulation.

The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent (now known as Rainberry) over the sale of tronix (TRX) and BitTorrent (BTT) tokens, which it described as unregistered crypto asset securities. The regulator further alleged that the defendants "fraudulently manipulat[ed]" TRX's secondary market through an "extensive wash trading" scheme.

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.

(By Nikhilesh De)

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