SEC drops charges against Justin Sun and Tron; Rainberry agrees to pay $10 million fine
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SEC drops charges against Justin Sun and Tron; Rainberry agrees to pay $10 million fine
According to The Block, the U.S. Securities and Exchange Commission (SEC) has dismissed its 2023 charges against Justin Sun, founder of Tron; the Tron Foundation; and the BitTorrent Foundation. Meanwhile, Rainberry (formerly BitTorrent Inc.), the company that developed the BitTorrent protocol and the BTT cryptocurrency token under Sun’s leadership, has been ordered to pay the SEC a $10 million civil penalty. In 2023, the SEC charged Sun and his three affiliated entities with conducting unregistered sales of TRX and BTT tokens, and accused Sun of manipulating the TRX price through fake transactions and paying celebrities to promote the tokens without proper disclosure. According to Thursday’s filing, the defendants agreed to the SEC’s terms but neither admitted nor denied the allegations.
Navigating Web3 tides with focused insightsTechFlow News, March 6: According to The Block, the U.S. Securities and Exchange Commission (SEC) has dropped its 2023 charges against Justin Sun, founder of Tron; the Tron Foundation; and the BitTorrent Foundation. Meanwhile, Rainberry (formerly BitTorrent Inc.), the company that developed the BitTorrent protocol and the BTT cryptocurrency token under Sun’s leadership, has been ordered to pay the SEC a $10 million civil penalty.
In 2023, the SEC charged Sun and three affiliated companies with conducting unregistered sales of TRX and BTT tokens, and accused Sun of manipulating the TRX price through fictitious transactions and paying celebrities to promote the tokens without proper disclosure. According to Thursday’s filing, the defendants agreed to the SEC’s terms but neither admitted nor denied the allegations.
