US SEC claims TRX is security, charges Tron's JustinSun and eight others
“The SEC also charged Sun and his companies with fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership…”states that the head of the Tron foundation offered TRX and BTT via bounty programs, which resulted in people promoting the coin on social media channels.
Furthermore, the commission claims that Sun manipulated the price of TRX in the secondary market from April 2018 to February 2019. In addition, the Tron creator made a whopping $31 million from the sale of TRX. The complaint said, “Sun allegedly directed his employees to engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled, with between 4.5 million and 7.4 million TRX wash traded daily. This scheme required a significant supply of TRX, which Sun allegedly provided.”
Notably, among the charged celebrities, six of them have agreed to pay a penalty for promoting the tokens. The ones who are not part of the list are rapper – DeAndre Cortez Way aka Soulja Boy and singer – Austin Mahone. The others have agreed to pay over “$400,000 in disgorgement, interest, and penalties to settle the charges, without admitting or denying the SEC’s findings.”Subscribe to get it daily in your inbox.
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