The U.S. Securities and Exchange Commission has settled its fraud and securities lawsuit against cryptocurrency entrepreneur Justin Sun for $10 million. The agency said in a court letter that Rainberry, one of Sun’s companies, will pay the penalty. Claims against Sun himself and his entities, the Tron Foundation and BitTorrent Foundation, will be dropped, concluding the two-year legal battle.
The U.S. Securities and Exchange Commission has concluded its lawsuit against crypto entrepreneur Justin Sun with a $10 million settlement. This ends a two-year legal battle over alleged fraud and securities laws violations.
The SEC said in a letter to a Manhattan federal court that Rainberry would pay the fine. Claims against Sun and his companies, the Tron Foundation and BitTorrent Foundation, would be dropped.
The lawsuit was first filed in March 2023. It accused Sun and his companies of selling unregistered securities via the Tronix (TRX) and BitTorrent (BTT) tokens and allegedly wash trading TRX.
