Tag: Justin Sun

The U.S. Securities and Exchange Commission (SEC) and Tron founder Justin Sun have jointly requested a stay in their civil fraud lawsuit, signaling a potential settlement in the case. This development is part of a broader trend of the SEC dropping or pausing cryptocurrency-related lawsuits under the new Trump administration.

Yesterday marked a historic moment in the world of cryptocurrencies as the SEC finally nodded in agreement, giving the green light to not one, not two, but eleven spot Bitcoin ETFs. The crypto world, long seen as the rebellious teenager of the financial markets, has finally been invited to the Wall Street's fancy dinner party. And oh, what an entrance it made! The crypto industry was enthusiastic and confirmed. And rightly so!

Analyst Adam Cochran has raised concerns about the financial soundness of crypto exchange Huobi, pointing out potential inconsistencies in its Tether (USDT) assets. Cochran's review of Huobi's "Merkle Tree Audit" reveals a stark contrast between the reported $90 million in Huobi's accounts and the $631 million worth of USDT believed to be held by its users. Adding to the concern, the Merkle Tree Audit hasn't been updated recently.

The Hong Kong-based investment firm About Capital Management (ACM) announced in early October 2022 that it had acquired Huobi, a crypto exchange founded by Leon Li in China in 2013. The acquisition was orchestrated by Justin Sun, the founder of TRON and Poloniex. Sun assumed a position on the Huobi Global Advisory Board but said that he did not hold any controlling ownership of Huobi. In May 2023, ACM said it no longer controls Huobi; its current owners are still unknown!

This week the U.S. SEC warned Coinbase about enforcement actions and filed a lawsuit against BitTorrent by Justin Sun for violating U.S. securities laws. Moreover, the regulator has warned investors about crypto securities. The SEC urges investors to be cautious with crypto asset securities. They would be exceptionally volatile and speculative. Crypto platforms may lack essential protections for investors. The wording crypto asset securities implies a regulatory obligation. 

The U.S. Securities and Exchange Commission (SEC) announced charges against crypto asset entrepreneur Justin Sun and three of his companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT). The SEC also charged them with secondary market manipulation through extensive washing. Lindsay Lohan and other celebrities have been charged for touting TRX and BTT.