The SEC also charged crypto entrepreneur Justin Sun for artificially inflating the trading volume of TRX.
The Securities and Exchange Commission announced charges Wednesday against actor Lindsay Lohan, boxer Jake Paul and a group of rappers and R&B stars, including Soulja Boy, Akon and Lil Yachty, for allegedly promoting cryptocurrencies without disclosing the fact that they were being paid to do so....
The celebrities promoted the cryptocurrencies to their thousands of followers on Twitter, with Lohan writing “super fast and 0 fee,” Thiam tweeting, “hearing a lot about #TRX,” and Smith tweeting: “What’s an ideal crypto bag? Thinking $TRX.” The SEC also filed charges Wednesday against the owner of the crypto companies that paid the celebrities, Tron Foundation Limited and BitTorrent, Justin Sun, for allegedly manipulating the trading volume of crypto tokens TRX and BTT by directing employees to buy and sell the tokens through a process called wash trading.
According to the complaint, filed in federal District Court in New York, Sun and his associates also offered and sold BTT and TRX as investments, directing purchasers to promote the crypto tokens on social media, join social media channels on Discord and Telegram affiliated with Tron and create BitTorrent accounts.
Six of the eight celebrities facing charges agreed to pay a total of more than $400,000 to settle those charges, with the exception of Cortez Way and singer Austin Mahone.The eight celebrities are the latest to face charges related to promoting cryptocurrencies. Last October, fashion icon Kim Kardashian
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