Justin Sun incited the SEC with his Tron shilling, using up his old tricks by paying celebrities like Lindsey Lohan to promote the cryptocurrency. His latest promotional activities came after he admitted to losing $8 million on the GameStop shares so let’s read more about it in today’s Tron news.
The observers on Twitter suggested that that Sun’s latest promotional gambit could easily backfire and could lead the US Securities and Exchange Commission to charge him with inducing celebrities to break the law. The possibility hasn’t deterred sun who continued tweeting about Tron relentlessly. Sun told Bloomberg that he has invested about $10 million GameStop shares which are now worth only $2 million but the loss didn’t keep him down as he thinks the saga will continue and will represent a fundamental shift in how the markets move and traders make decisions:
“Even if I lose money on the GME stock, I still believe this is a paradigm shift. In the past, we all followed the advice from the financial analysts, and these days people are going to make their own decisions.”
Right after he spoke to Bloomberg, several celebrities posted on Twitter about Tron. First, it was Lindsey Lohan that said she was long exploring “DeFi” to which Sun replied that he “might send her something.”
— Lindsay Lohan (@lindsaylohan) February 11, 2021
Next up was singer-songwriter Ne-Yo, who said that the likes of TRX, SUN, and JST are ‘ideal crypto bags.’
— NE-YO (@NeYoCompound) February 11, 2021
As if it wasn’t enough, porn actress and director Kendra Lust posted on Twitter that Tron was great because it was “cheap and fast.”
— Kendra Lust™ (@KendraLust) February 11, 2021
Some more experienced traders were not impressed with this promotional offensive as CryptoCobain summed it up in a reply to Sun himself. The US Attorney Collins Belton suggested that Justin Sun incites the SEC and is up for trouble with the regulator.
The SEC can fine you millions of dollars for an endorsement like this where you have been compensated with money or free tokens.
— HuntingIsland ⟠ 'DeFi = Ethereum' (@IslandHunting) February 11, 2021
Law firms Roche Cyrulnik Freedman and Selendy & Gay are already alleging that Tron has sold billions of dollars in unregistered securities and also two members of the American Congressional Permanent Select committee of Intelligence challenged that DLive blockchain platform because it was apparently extremist content that incited Donald Trump supporters to break into the Capitol. In the meantime, TRX is ranked at the 20th position by market cap and it trades at $0.0546, marking an increase of 16% in the day.
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