The US Securities and Exchange Commission has agreed to settle its civil fraud case against Chinese cryptocurrency entrepreneur Justin Sun, with one of Sun’s companies paying a US$10 million penalty, a court filing showed on Thursday.
The SEC sued Sun and his companies Tron Foundation, BitTorrent Foundation and Rainberry in March 2023.
It accused them of scheming to illegally distribute the cryptocurrency assets Tronix and BitTorrent, artificially inflate trading volume, and conceal payments to celebrity endorsers.
Neither Sun’s lawyers nor the SEC immediately responded to requests for comment.
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