Crypto billionaire Justin Sun settles US fraud case for US$10 million
The SEC sued Sun and his firms for securities fraud in 2023, but put the case on hold following Trump’s return to the White House
Chinese cryptocurrency entrepreneur Justin Sun reached a US$10 million settlement to resolve a US Securities and Exchange Commission civil fraud case over his trading activity.
Thursday’s settlement requires court approval, with the payment made by one of Sun’s companies.
It came as President Donald Trump, a Republican, pushes to make the US a global hub for the cryptocurrency industry.
Sun and his companies did not admit or deny wrongdoing, the SEC said in a letter to US District Judge Edgardo Ramos in Manhattan.
“I am pleased to confirm that the SEC has moved to dismiss all claims against me, Tron Foundation and BitTorrent Foundation,” Sun said in a statement posted on X. “Today’s resolution brings closure.”
An SEC spokesperson declined to comment.
The SEC sued Sun and his companies Tron Foundation, BitTorrent Foundation and Rainberry in March 2023, claiming they schemed to illegally distribute the cryptocurrency assets tronix and bittorrent, artificially inflate trading volume, and conceal payments to celebrity endorsers.