Court documents reveal that Justin Sun, the founder of Tron, received a subpoena from the US Securities and Exchange Commission (SEC) regarding the civil complaint filed against him last month. YouTuber Austin Mahone and rapper Soulja Boy, whose real name is DeAndre Cortez Way, were also called out. The SEC charges Sun of orchestrating an unregistered sale and offering of crypto-asset security and engaging in manipulative trading schemes.
The court sends a summons to Singapore letter in an effort to serve Tron founder Justin Sun
a call the court It was issued to Sun, Mahone, and Soulja Boy, giving them 21 days to contact SEC attorney Adam Gottlieb. This subpoena relates to a lawsuit recently filed against the trio over a civil suit filed by the Securities and Exchange Commission alleging that Sun illegally offered and sold Tron (TRX) and bittorrent token (BTT).
The SEC claims that Sun orchestrated the bid and sale TRX and BTT while participating in the manipulative laundering trade TRX To create a false impression of the investor’s legitimate interest. The securities regulator claims that Sun carried out these schemes through several organizations it controls, including Rainberry and the Bittorrent Foundation Ltd. and Tron Foundation.
Mahone is accused of illegal promotion TRX on his Twitter account to 9.1 million followers, while Soulja Boy faces similar allegations of promotion TRX to 5.2 million followers on Twitter. If the defendants fail to respond within the specified time frame, a default judgment will be entered against them for the relief sought in the complaint.
Although Sun’s exact location is not clear, it was recently claimed To be in hong kong on twitter. Gottlieb’s summons to court recorded Sun’s address as Singapore. Besides Soulja Boy and Mahone, many other celebrities such as Lindsay Lohan, Ne-Yo, Kendra Lust, Jake Paul, and Akon have been accused of illegally promoting TRX. All of them settled with the American regulator except for Soulja Boy and Mahone.
On Twitter, Sun comment regarding the lawsuit and stated that his team believed the complaint “lacks merit”. He also emphasized that the SEC’s digital asset regulatory framework is still in its infancy and requires further development. In addition, the founder of Tron expressed his desire to “collaborate with governments and regulators globally.” If defendants cannot be notified of the summons, the court may need to explore alternative methods of notifying them.
What do you think of the outcome of this SEC case for Tron founder Justin Sun? Share your thoughts on this topic in the comments section below.
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