Tron Founder Justin Sun Sued by US 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. From a report: 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.

Sun, who was named Grenada's ambassador to the World Trade Organization (WTO) 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." Somewhere between 4.5 million and 7.4 million TRX was traded daily through these wash trades, the agency said.

TRON

[Misagon]

TRON was founded by professor Ken Sakamura of Tokyo University. Who is this joker?

https://en.wikipedia.org/wiki/... [wikipedia.org]
https://youtu.be/7RNbIEJvjUA?t... [youtu.be]

(This is a site for nerds, not for crypto-bros ;) )

Re:

[ArchieBunker]

I was wondering what it had to do with the movies.

null pointer

[byronivs]

Grid bugs attack!

Re:

[whatshisname]

I remember the 8-bit days [wikipedia.org], myself...

Only with Crypto

[Whateverthisis]

I've enjoyed reading about different frauds as it's just interesting how people pull these things off.

But only in Crypto style fraud would you have the SEC suing Lindsey Lohan, Soulja Boy and various other rappers over a financial fraud scheme.

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[Powercntrl]

But only in Crypto style fraud would you have the SEC suing Lindsey Lohan, Soulja Boy and various other rappers over a financial fraud scheme.

If you're getting your investment advice from musicians and Twitter influencers, you deserve to lose your money. I really have trouble finding sympathy for people falling for shitcoin scams at this point. It should be common knowledge that anyone can create their own cryptocurrency and if you think it's going to to be the next big thing because Lil Twerk says so, I've got a "And it's gone!" South Park meme for you.

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[Major_Disorder]

I really have trouble finding sympathy for people falling for shitcoin scams at this point. It should be common knowledge that anyone can create their own cryptocurrency and if you think it's going to to be the next big thing because Lil Twerk says so, I've got a "And it's gone!" South Park meme for you.

I own the NFT for that meme, if you use it you owe me money!!!!!

Oblig.

[SeaFox]

Sounds like the Master Control Program is putting a stop to Tron's games.

Re:

[Major_Disorder]

Just type TROFF
Problem solved.

One of the reasons to steer clear of crypto

[rsilvergun]

is you can get stuck with it even when the dollar amounts look good because a huge amount of the "value" of crypto is wash trading. i.e. nobody's really spending $28k on Bitcoin, they're trading at that level between their own alt accounts to manipulate price.

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[BeaverCleaver]

Stupid shill, you forgot the Weimar Germany reference, the comment about fiat currency being imaginary, and the reference to gold.