TechFlow news — The U.S. Securities and Exchange Commission (SEC) has officially filed charges against Justin Sun, founder of Tron and advisory board member of Huobi Global, along with three wholly-owned entities—Tron Foundation, BitTorrent Foundation, and BitTorrent—for allegedly conducting unregistered securities sales, fraud, and market manipulation.
The SEC alleges that Justin Sun attempted to artificially inflate TRX trading volume through a wash trading scheme, directing his employees to execute over 600,000 virtual TRX transactions between two cryptocurrency exchange accounts under his control. These wash trades involved approximately 4.5 million to 7.4 million TRX tokens per day, all of which were funded entirely by Sun himself. Additionally, the SEC charged eight celebrities for unlawfully promoting TRX or BTT without proper disclosure.Source link
