financemagnates.com
The United States Securities and Exchange Commission (SEC) has charged crypto entrepreneur Justin Sun and three of his companies with engaging in wash trades with the Tronix (TRX) token. The securities regulator also accused both parties of unregistered offer and sales of TRX and BitTorrent (BTT) tokens.
In a press statement released on Wednesday, SEC disclosed that it also brought charges against eight American celebrities for promoting TRX and/or BTT without disclosing that they were paid to do so. They also failed to reveal how much they were paid, the regulator said.
The celebrities include actress and singer Lindsay Lohan, social media influencer and professional boxer, Jake Paul, rapper and record producer, DeAndre ‘Soulja Boy’ Way, singer Austin Mahone, and porn star Michele Mason, popularly known as ‘Kendra Lust’. Other celebrities include rapper and record producer Miles ‘Lil Yachty’ McCollum, singer Shaffer ‘Ne-Yo’ Smith, and singer and entrepreneur, Aliaune ‘Akon’ Thiam.
However, SEC noted that all the celebrities with the exception of ‘Soulja Boy,’ and Mahone, have agreed to pay a total of over $400,000 to settle the charges without admitting or denying the findings.