Ah, the plot thickens. The U.S. Securities and Exchange Commission, a body as famous for its dry legalese as for its occasional attempts to regulate everything under the sun, is now toying with the idea of pausing its civil fraud case against TRON founder Justin Sun. Why, you ask? Well, apparently, they’re exploring a resolution that might tickle both parties’ fancy and, let’s be honest, serve the public at large. Or at least that’s what they say. It all sounds rather civil, doesn’t it?
In a letter dispatched with the kind of flair that only a legal team could muster, Sun’s attorneys and the SEC have suggested a little breather in the proceedings. A mere 60 days, mind you, to ponder, reflect, and perhaps discover the meaning of life – or at least a way to wrap up this case without more drama. And, of course, the good Judge Edgardo Ramos in Manhattan is now in the loop. Ah, New York. So much to offer.
The case, which first reared its ugly head in March 2023, accuses Mr. Sun (and his merry band of companies) of flouting regulations by distributing TRON’s native token, TRX, and the ever-swirling BitTorrent (BTT). Not to mention, allegedly inflating the trading volume of TRX. Goodness gracious, they’ve been busy!
Let’s break it down. The SEC has pointed the finger at Sun for selling TRX and BTT tokens as investments without the proper, shall we say, paperwork. Apparently, he used “bounty programs” to encourage eager beavers to promote these tokens on social media, chat groups, and perhaps the occasional paper napkin. And in return? A nice little bundle of TRX and BTT. Not the kind of promotion you get with coupons at your local supermarket, mind you, but a tad more extravagant.
And if that wasn’t enough, the SEC claims that Sun was busy conducting some good ol’ wash trading. You know, the art of making a market look more active than it actually is. Apparently, between April 2018 and February 2019, he allegedly orchestrated over 600,000 trades of TRX using two accounts under his control. Imagine, if you will, the hustle – moving between 4.5 million and 7.4 million TRX daily. If only Sun had been as interested in actual trade as he was in trading appearances, we’d all be in less of a pickle.
And what’s this? He was also allegedly selling TRX in the secondary market and, if you can believe it, pocketing a tidy sum of $31 million in proceeds. At this rate, one wonders if Sun was more interested in moving tokens than actually creating a viable blockchain. But I digress.
Oh, and for the cherry on top: Sun decided to bring some celebrity sparkle into this little drama. Yes, indeed, he hired a few household names (like Lindsay Lohan, Akon, and Austin Mahone) to promote his beloved tokens without so much as a hint that they were being paid for their endorsement. The SEC, ever vigilant, has now thrown in its own charges against these celebrities for their failure to disclose the green stuff they were receiving in return for their glowing reviews. Talk about a publicity stunt gone awry!
And before you think we’ve reached the final curtain, there’s more! Justin Sun, never one to shy away from a public spat, had previously been involved in a tiff with the blockchain protocol Chain. It appears that Sun, with a flair for the dramatic, accused Chain of engaging in market manipulation with Onyxcoin (XCN) – a claim that’s about as rich in irony as it is in hypocrisy. Yes, the very person facing charges of market manipulation was accusing others of doing the same. How delicious!
Sun took to the internet (where all the best drama happens) on January 24 to make these accusations, suggesting that Chain was involved in dodgy dealings with high leverage and contracts that could spell trouble for poor unsuspecting exchange users. He even threatened to report them to the SEC and DOJ. But Chain, ever the skeptic, didn’t take kindly to these charges. They quickly waved off the accusations, denying any wrongdoing and making it clear that the XCN token was managed by OnyxDAO, not their hands. No, no. They were above such shenanigans.
Not to be deterred, Sun doubled down on his claims, now casting his gaze on OnyxDAO and imploring regulatory bodies to step in and investigate. After all, nothing says “trustworthy business” like shouting “the sky is falling” from every rooftop. 🎭
Read More
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- We’re Terrible At Organizing Things.’ Tom Holland Reveals The Sweet Holiday Scheme He And Zendaya Are Going To Try Next Year
- Broadway Box Office: Idina Menzel in ‘Redwood’ Sees Strong Start
- Buffy the Vampire Slayer Reboot: Sarah Michelle Gellar Returns to Save the Day!
- Deva: Shahid Kapoor and Pooja Hegde’s lip-lock scene gets trimmed by CBFC? Film’s runtime and rating revealed
- NewsNation Taps Leland Vittert to Replace Dan Abrams
- New Era and BEAMS Reunite for Spring/Summer 2025 Collection
- Girls Frontline 2 Exilium tier list
- XLARGE Celebrates Lil Wayne With New Collection
- BlackRock’s Ethereum ETF $ETHA Listed on DTCC, Awaits Trading
2025-02-27 12:38