US sues Justin Sun the owner of steemit and founder of Tron (TRX)
Hello who does not know Justin Sun, who is the main lead developer of the Tron network and currently the owner of Steemit, he was recently sued for the sale of unregistered securities, fraud and market manipulation, by the Securities and Exchange Commission (SEC) of the United States.
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Justin Sun, founder of Tron and BitTorrent, according to the SEC, would have made an offer of unregistered assets and the sale of crypto assets (TRX) and (BTT) without authorization. The regulator accused Justin Sun and his companies of "fraudulently manipulating the TRX secondary market according to this release through extensive wash trading, so to speak himself was buying and selling the active crypto for investors to believe that the TRX and BTT market was moving regularly.
The SEC affirms that Justin Sun in 2018 and 2019 ordered all his employees to participate in the purchase and sale of TRX laundering, where they moved from 4 to 7 million dollars daily and all these accounts were manipulated by Sun.
How Justin Sun promoted his cryptocurrencies |
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Normally he used celebrities as youtuber with a large audience, actresses and singers, including Lindsay Lohan, rappers Soulja Boy, Lil Yachty, youtuber Jake Paul and adult film actress Michele Mason (Kendra Lust) who have also been sued for the SEC for sponsoring said coin.
According to the report, the aforementioned artist has to pay about $400,000 plus interest and penalties to be free of any charges without admitting or denying the SEC's findings. Which makes me understand that the United States federal agency has its eyes fixed on the cryptocurrency market and what is behind the scenes.
Justin Sun is willing to cooperate with the SEC |
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On the other hand, the founder of Tron and owner of Steemit Justin responded to the legal actions taken by the SEC, assuring that they "are without foundation". According to Justin, he believes that the United States regulatory body is in its infancy and they need more grounds or evidence before taking action, according to what he can interpret from his Twitter when he realized he was being sued.
Although Justin Sun rejects the complaint, he is willing to collaborate with him in his case and with the government and regulators to work with the cryptocurrency industry given the important role that he can play "in the future." .
After the news Tron falls up to 14% |
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After the news, the Tron market and other cryptocurrencies reacted negatively where the Tron (TRX) prices plummeted, losing up to 14% of their price in just one hour after the news was released in a short period, TRX went from $0.0662 to $0.0568.
Let's hope this news doesn't affect the steem market and Justin has escaped unscathed from other lawsuits and we hope he also comes out of this and things are clarified, I don't know how anger will later affect the price of steem on the current demand what I am sure that steem will not disappear, since there is a strong community that supports steem.
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