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SEC Charges Tron Founder Justin Sun
I figured this one would stir up a little rage and excitement from the hive community. Being that hive is a fork of the steem blockchain that was aggressively taken over by Justin Sun.
The Charges
The SEC has charged Sun with fraud and unregistered securities. The report says Sun underwent fraud by manipulating the trading activity of the two tokens. These two tokens being Tronix and BitTorrent which were pushed by influencers such as Jake Paul, Lindsay Lohan and Soulja boy.
The report shows the appearance of active trading when it did not really exist.
Our wonderful friend btw that's sarcastic Gary Gensler said
Quote “This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” said SEC Chair Gary Gensler.
The total amount of people being charged in this case are...
- Lindsay Lohan
- Jake Paul
- DeAndre Cortez Way aka Soulja Boy
- Austin Mahone
- Michele Mason aka Kendra Lust
- Miles Parks McCollum aka Lil Yachty
- Shaffer Smith aka Ne-Yo
- Aliaune Thiam aka Akon
of which the charge is they promoted these cryptos while getting paid by Sun but not disclosing that fact on twitter when they made a tweet about it.
Everyone but Soulja Boy and Mahone agreed to pay a "collective" yes COLLECTIVE charge of just $400,000.
Here's the thing I know of another issue with DNP3 from twitter and their scam CLU coin of which he then gambled away investors money and has anything come of that? Nope not that I'm aware of but that's a clear example and case on a smaller scale of what was being done here.
Thoughts
This is a drop in the bucket for people like Sun who have hacked and scammed their way to billions of dollars in funds and make connections with higher ups that allows him to continue to get away with this and simply get a slap on the wrist once in a while. It's a clear example of how the SEC fails to actully regulate and protect investors as it's always after the damage was done and a vast majority of that money gets eaten up by the SEC and government and never returned to investors.
While personally I don't care for all that dumb drama and rather focus on building hive there are still some whales that are hell bent on making a video about it along with other things instead of building applications and use cases for hive. Doesn't make sense to me but I guess that's what the "community" voted on.
Let me also be clear Justin Sun is a real POS (no not proof of stake) (piece of sh*t) and continues to aggressively take over projects and launch scam after scam which constantly allows him to get away with this BS because of the constant money he keeps flowing in. Another clear example if you have enough money you can get away with anything.
Posted Using LeoFinance Beta
