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Breaking SEC Sues Justin Sun for Unregistered Securities Offerings

1 min
Updated by Ryan James
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In Brief

  • The U.S. SEC has sued Justin Sun for offering BTT and TRX as unregistered securities.
  • Celebrities Austin Mahone and DeAndre Way have also been sued for promoting the tokens with disclosure.
  • The SEC seeks to prevent Sun from engaging in future crypto asset offerings.
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The U.S. Securities and Exchange Commission has sued crypto mogul Justin Sun, the Tron Foundation, BitTorrent Foundation, Rainberry Inc, Austin Mahone, and Deandre Cortex Way for selling unregistered securities.

According to the SEC, Sun and the other defendants used Sun’s companies to illegally offer and sell TRX and BTT tokens to the public.

Justin Sun vs SEC
SEC Complaint:| Source: SEC

The defendants paid celebrities Austin Mahone and DeAndre Cortez Way to promote the tokens without the necessary disclosures.

The SEC seeks relief to prevent Justin Sun from engaging in crypto asset offerings or sales. The agency has also asked for Way and Mahone to be prevented from receiving compensation and for disgorgements from the illegal securities offerings.

This is a developing story.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...