Crypto Tycoon Justin Sun Summoned By US Court Over SEC Lawsuit
Crypto entrepreneur Justin Sun has been charged by the US Securities and Exchange Commission (SEC) for allegedly selling crypto “securities” without registering them. The SEC complaint relates to the sale of Tron and BitTorrent coins, which it classified as securities. Sun, who launched the Tron Foundation, BitTorrent Foundation, and Rainberry Incorporated, has been summoned to respond to the allegations within 21 days. The summons has been sent to two locations associated with Sun in Singapore, although there are ongoing rumors he has already been arrested in Hong Kong, which he denied in a tweet. If Sun fails to respond to the summons, the court could rule in favor of the SEC, and he would face penalties without being able to present evidence. Sun has not been found guilty of wrongdoing, and the case must be heard in court. Tron coin’s value has fallen following the SEC’s announcement. Ethereum (ETH), meanwhile, hit the $2,000 mark on the one-day chart.
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