The U.S. Securities and Exchange Commission (SEC) sued Justin Sun, founder and former CEO of TRON, according to a March 22 court filing.
The filing said that two of Sun’s crypto tokens — TRON (TRX) and BitTorrent (BTT) — constituted securities offerings. The filing mentioned the involvement of Sun’s various companies, including Tron Foundation, BitTorrent Foundation, and Rainberry Inc.
The regulator further alleged that those parties engaged in manipulative wash trading to create the appearance of real demand and keep the value of those tokens high.
More details to follow…
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