The Securities and Exchange Commission sent out a press release today announcing that “Crypto Entrepreneur” Justin Sun is being charged with fraud over his manipulation of the crypto market. That’s great news, but also of interest is the fact a whole range of celebrities were charged alongside him.
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Sun, along with three of his companies (Tron Foundation Limited, BitTorrent Foundation Ltd. and Rainberry Inc), are accused of selling crypto through extremely shady, MLM-like promotional deals, none of which were registered and which as a result violate the Securities Act. He’s then accused of violating the “antifraud and market manipulation provisions of…federal securities laws” by “orchestrating a scheme to artificially inflate the apparent trading volume” of his own cryptocurrencies:
All of which is bad! But alongside Sun the SEC also charged a number of people he had hired to promote his crypto scam, alleging they had been “illegally touting” the currency “without disclosing that they were compensated for doing so and the amount of their compensation”.
Also bad! The eight celebrities named are
• Lindsay Lohan
• Jake Paul
• DeAndre Cortez Way (Soulja Boy)
• Austin Mahone
• Michele Mason (Kendra Lust)
• Miles Parks McCollum (Lil Yachty)
• Shaffer Smith (Ne-Yo)
• Aliaune Thiam (Akon)
