Justin Sun Receives Summons From US Court In SEC Lawsuit
- Justin Sun was issued a summons by a US District Court in relation to a lawsuit filed by the SEC.
- Failure to respond within 21 days may result in a court ruling in favor of the plaintiff.
- The lawsuit includes allegations of selling and airdropping unregistered securities, fraud, and market manipulation.
Justin Sun received a summons from a United States District Court in relation to the SEC lawsuit against him. The allegations are serious and could have far-reaching implications.
Cryptocurrency mogul Justin Sun has recently come under scrutiny by the Securities and Exchange Commission (SEC), which filed a lawsuit against him on March 22.
The lawsuit includes Sun’s three wholly-owned companies – Tron Foundation, BitTorrent Foundation, and Rainberry Incorporated- and two musicians – Austin Mahone and DeAndre Cortez Way, better known as Soulja Boy. The complaint alleges that Sun had “engineered the offer and sale of two crypto assets called TRX and BTT” through the companies. These assets were labeled as securities and required registration with the SEC, but it is alleged that this was not carried out.
As a result, Sun was issued a summons from a United States District Court on Thursday and has been given 21 days to respond to the lawsuit. Failure to respond in time would result in the court ruling in favor of the plaintiff, according to The Straits Times. The summons was addressed to two locations – 8 Lady Hill Road, a Good Class Bungalow in the Tanglin area, as well as office space at 9 Temasek Boulevard, Suntec Tower Two.
Sun is facing allegations of selling and airdropping unregistered securities, fraud, and market manipulation. The case has gained significant attention in the cryptocurrency community, with many individuals and organizations closely following the developments.
The outcome of this case could have significant implications for the cryptocurrency industry as a whole, as it could set a precedent for how regulatory bodies such as the SEC treat unregistered securities and potential cases of fraud and market manipulation. As such, it is important for investors and industry professionals to stay informed on the latest updates and developments in the case.
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