$TRX is down by more than 6% on the news
against Justin Sun, the founder of blockchain platform TRON, and three affiliated firms over allegations of illegal sales of the Tron and BitTorrent cryptocurrencies.
In his statement, SEC Chair Gary Gensler emphasized that this case serves as an example of the potential risks crypto investors may face with unregistered securities. "Sun’s wash trading team, working under his direction, engaged in hundreds of thousands of TRX wash trades between accounts that Sun ultimately controlled. None of those trades involved any change in beneficial ownership or had any legitimate economic purpose," the lawsuit says. alleges that Sun and the affiliated companies created a publicity campaign to drive public interest in TRX and BTT.
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