SEC Ends Justin Sun Case With $10M Settlement; Claims Dropped

The U.S. Securities and Exchange Commission has concluded its lawsuit against crypto entrepreneur Justin Sun through a $10 million settlement, ending a two-year dispute over alleged fraud and securities law violations.

In a letter to a Manhattan federal court on Thursday, the SEC said Rainberry, one of Sun’s companies, will pay a $10 million penalty. The agency added that it will dismiss its claims against Sun and his affiliated entities, the Tron Foundation and BitTorrent Foundation.

The case, filed in March 2023, alleged the sale of unregistered securities via the Tronix (TRX) and BitTorrent (BTT) tokens and accused the defendants of wash trading TRX.

This is a developing story and will be updated as new information becomes available.

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