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Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges

Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges

Published

The regulator alleged TRX and BTT are unregistered securities, and claimed Sun created an "wash trading" program to boost trading volume.

The U.S. Securities and Exchange Commission sued Justin Sun Wednesday on allegations of selling and airdropping unregistered securities, fraud and market manipulation.

The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent (now known as Rainberry) over the sale of tronix (TRX) and bitTorrent (BTT) tokens, which the regulator described as unregistered crypto asset securities. The regulator further alleged the defendants "fraudulently manipulat[ed]" TRX's secondary market through an "extensive wash trading" scheme.

Sun, who was named Grenada's ambassador to the World Trade Organization (WTO) last year, tried to artificially inflate TRX's trading volume through the wash trading scheme, the SEC alleged, by having his own employees "engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled." According to the court filing, Sun's Tron Foundation employees conducted the trades, the BitTorrent and Tron foundations controlled the accounts and Rainberry employees transferred funds for the trading.