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.
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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