Justin Sun sued for unregistered securities offering

The US Securities and Exchange Commission has sued crypto mogul Justin Sun, Tron Foundation, BitTorrent Foundation, Rainberry Inc, Austin Mahone and DeAndre Cortex Way for selling unregistered securities.

According to the SEC, Sun and other defendants used Sun’s companies to illegally offer and sell TRX and BTT tokens to the public.

Justin Sun vs SEC
SEC Complaint:| Source: SEC

The defendants paid celebrities Austin Mahone and DeAndre Cortez to promote the token without required disclosure.

The SEC seeks relief barring Justin Sun from engaging in the offering or sale of crypto assets. The agency has also asked Way and Mahon to cease receiving compensation and exemptions from illegal securities offerings.

This is a developing story.

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BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.

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