The U.S. SEC has charged Sun Yuchen and his three wholly-owned companies, alleging that they are involved in illegal securities sales and market manipulation

2023-03-23 07:40:38

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ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has officially charged Tron founder and Huobi Global Advisory Committee member Justin Sun, along with his three wholly-owned companies, Tron Foundation, BitTorrent Foundation, and BitTorrent, alleging illegal sales of unregistered securities, fraud, and market manipulation.

The SEC stated that Justin Sun attempted to artificially inflate TRX trading volume through wash trading, having his employees conduct over 600,000 virtual TRX trades between accounts on two cryptocurrency exchanges he controls, with daily wash trades amounting to approximately 4.5 million to 7.4 million TRX. The assets used for these illegal trades (TRX) were all provided by Justin Sun himself. Additionally, the SEC also charged 8 celebrities for illegally promoting TRX or BTT without disclosure. (Source link)

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U.S. SEC Sun Yuchen allegations

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