SEC ends case against Justin Sun with $10M settlement

The US Securities and Exchange Commission has ended its lawsuit against crypto entrepreneur Justin Sun with a $10 million settlement, ending a two-year legal battle over alleged fraud and securities laws violations.

The SEC said in a letter to a Manhattan federal court on Thursday that Rainberry, one of Sun’s companies, would pay a $10 million fine, and claims against Sun and his companies, the Tron Foundation and BitTorrent Foundation would be dropped.

The lawsuit, first filed in March 2023, accused Sun and his companies of selling unregistered securities via the Tronix ($TRX) and BitTorrent (BTT) tokens and allegedly wash trading $TRX.

This is a developing story, and further information will be added as it becomes available.