The Securities and Exchange Commission (SEC) on Wednesday announced charges against entrepreneur Justin Sun and eight celebrities, including actress Lindsay Lohan, boxer and social media star Jake Paul, and rapper Akon, for allegedly “illegally touting” crypto asset securities Tronix (TRX) and BitTorrent (BTT).
Sun and his companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc., were also charged for unregistered offers and sales of crypto asset securities TRX and BTT.
According to the SEC, Sun and his companies unlawfully offered and sold TRX and BTT through unregistered “bounty programs.”
These programs directed interested parties to promote the tokens on social media, join and recruit others to Tron-affiliated Telegram and Discord channels, and create BTT accounts in exchange for TRX and BTT distributions….