News

Justin Sun Receives Summons From US Court In SEC Lawsuit

Key Points:

  • 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

17 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.