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Eight celebrities including actor Lindsay Lohan, influencer Jake Paul and rapper Soulja Boy have been charged by federal regulators with illegally touting two cryptocurrencies and failing to disclose they were paid to do so.
The two cryptocurrencies, Tronix (TRX) and BitTorrent (BTT), were sold by crypto entrepreneur Justin Sun, who was also charged by the Securities and Exchange Commission on Wednesday.
Sun and three of his wholly-owned companies — Tron Foundation Limited, BitTorrent Foundation Ltd. and Rainberry Inc. — are accused of the unregistered offer and sale of crypto asset securities and manipulating the secondary market by « wash trading, » which involves quickly buying and selling cryptocurrencies to make them seem like they’re being actively traded.
