The list of eight celebrities facing charges includes actress Lindsay Lohan, social media personality Jake Paul and rappers Soulja Boy and Lil Yachty.
The Securities and Exchange Commission announced charges on Wednesday against crypto entrepreneur Justin Sun and the celebrity backers of his crypto asset companies Tronix and BitTorrent .
The SEC is accusing Sun and his companies of"orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation."Edwin Koo/Bloomberg via Getty Images According to the SEC, the celebrity promotion took place as Sun and his companies were"fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership."
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