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SEC Charges Tron Founder Justin Sun
I figured this one would stir up a little rage and excitement from the hive community. Being that hive is a fork of the steem blockchain that was aggressively taken over by Justin Sun.
The Charges
The SEC has charged Sun with fraud and unregistered securities. The report says Sun underwent fraud by manipulating the trading activity of the two tokens. These two tokens being Tronix and BitTorrent which were pushed by influencers such as Jake Paul, Lindsay Lohan and Soulja boy.
The report shows the appearance of active trading when it did not really exist.
Our wonderful friend btw that's sarcastic Gary Gensler said
Quote “This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” said SEC Chair Gary Gensler.
The total amount of people being charged in this case are...
- Lindsay Lohan
- Jake Paul
- DeAndre Cortez Way aka Soulja Boy
- Austin Mahone
- Michele Mason aka Kendra Lust
- Miles Parks McCollum aka Lil Yachty
- Shaffer Smith aka Ne-Yo
- Aliaune Thiam aka Akon
of which the charge is they promoted these cryptos while getting paid by Sun but not disclosing that fact on twitter when they made a tweet about it.
Everyone but Soulja Boy and Mahone agreed to pay a "collective" yes COLLECTIVE charge of just $400,000.
Here's the thing I know of another issue with DNP3 from twitter and their scam CLU coin of which he then gambled away investors money and has anything come of that? Nope not that I'm aware of but that's a clear example and case on a smaller scale of what was being done here.
Thoughts
This is a drop in the bucket for people like Sun who have hacked and scammed their way to billions of dollars in funds and make connections with higher ups that allows him to continue to get away with this and simply get a slap on the wrist once in a while. It's a clear example of how the SEC fails to actully regulate and protect investors as it's always after the damage was done and a vast majority of that money gets eaten up by the SEC and government and never returned to investors.
While personally I don't care for all that dumb drama and rather focus on building hive there are still some whales that are hell bent on making a video about it along with other things instead of building applications and use cases for hive. Doesn't make sense to me but I guess that's what the "community" voted on.
Let me also be clear Justin Sun is a real POS (no not proof of stake) (piece of sh*t) and continues to aggressively take over projects and launch scam after scam which constantly allows him to get away with this BS because of the constant money he keeps flowing in. Another clear example if you have enough money you can get away with anything.
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Someone’s reaction to this debacle was that Sun will buy the SEC and I couldn’t stop laughing
lol that is a good one
!lol
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It was a knick knack paddy whack.
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@mistakili, I sent you an $LOLZ on behalf of @akumagai
(1/1)
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TBH he can go to hell!
With all those scams and getting hands on money that does not belong to him but yet he is somehow getting away with everything. That's something is itching me! He will get what he deserves btw!
It's a joke that he (they) can skate with no real consequences. Lindsay Lohan? Gotta wonder how she got tangled with Sun.
There's a few names that honestly I wasn't expecting. Dudes got connections that's for sure which keeps him out of a lot of hot water.
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I suppose time will tell for him. You can't hide forever.
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Flash a crypto wallet with funds and any of these celebs will take the bite. Its like holding a piece of fresh stake in front of a hungry lion, you know he is goign to eat it. If I could i'd use celebs like that too. Why not, they are not good at anythng else.
2 days too late....lol
Imagine if this news broke on march 20th....How poetic lol
lol hopefully the 4th birthday brings something better like him getting locked up for once.
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!1UP Good work!
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Any news is publicity but I hope the impact will be short lived.
Use case definitely.
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For over all crypto market, it's a bad news as the bitcoin has dropped 800$ but for Hive lovers, it's a great news :P
Post voted 100% for the hiro.guita project. Keep up the good work.
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Justin is a textbook case of why regulations fail to actually protect investors. The SEC has no teeth and clearly is bought-and-paid-for by the very industry they are supposed to oversee and regulate. Gensler is a former Goldman banker, iirc, and Goldman has been getting away with spoofing precious metals futures markets for more than ten years.
I do not see any real, concrete, tangible action by the SEC that will curtail Justin's inane ability to steal money from other people. He's also protected by the CCP, so if he ever were to actually get in real trouble and face genuine consequences for his obscene actions, the communists in China would shield him from any harm, as they do with all Chinese Communist Party-controlled corporate entities domiciled on the mainland.
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Wasn't Alyssa Milano involved in this as well at one time? I do not see her name here.
Lindsey is a surprise to me. Maybe she just played too many ditzy parts but I never thought she was that smart.
I have a feeling there were many more. But what's really crazy is this happens constantly all the time
I'll stick with hive. After the amount of time it has been around I feel safer here then in any other chain. What keeps me here is that fact it is not backed by a corporation/foundation but a like minded community who brings the value to this chain.