SEC Ends Lawsuit Against Justin Sun With $10M Settlement

[cryptobro]

The U.S. Securities and Exchange Commission has reached a $10 million settlement to end its lawsuit against crypto entrepreneur Justin Sun, closing a legal dispute that began in 2023. According to a letter filed in federal court in Manhattan, one of Sun’s companies, Rainberry, will pay the fine, while the agency will drop its claims against Sun and his affiliated organizations Tron Foundation and BitTorrent Foundation. The settlement does not include an admission or denial of wrongdoing.

The case originally accused Sun and his companies of selling unregistered securities through the TRON (TRX) and BitTorrent (BTT) tokens, as well as allegedly conducting manipulative wash trading. The regulator also claimed celebrities were paid to promote the tokens without disclosing compensation. Sun had pushed back against the allegations, arguing the SEC was attempting to apply U.S. law to activities that largely took place outside the country.

[tradelikepro]

sec: “we fined him” sun: “i admit nothing and still look rich”