www.zerohedge.com BY TYLER DURDEN
The Securities and Exchange Commission on Wednesday unveiled fraud and unregistered securities charges against Tronix crypto founder and Grenadian diplomat Justin Sun, as well as separate charges against celebrity backers of his TRON and BitTorrent crypto assets – which included Soulja Boy, Lindsay Lohan and Jake Paul.
SEC Chair Gary Gensler said that Sun convinced investors to buy TRX and BTT by “orchestrating a promotional campaign in which he and his celebrity promoters hid the fact that the celebrities were paid for their tweet.”
According to the charges, Sun engaged in fraud by manipulating the trading of both tokens, which created the appearance of legitimate trading volume when it did not exist. Meanwhile, the unregistered ‘offer and sale’ charges are similar to those filed against Genesis, Gemini and Do Kwon’s Terraform Labs, CNBC reports.
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