Sun, who was named Grenada’s ambassador to the World Trade Organization (WTO) last year, tried to artificially inflate TRX’s trading volume through the wash trading scheme, the SEC alleged, by having his own employees “engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled.” According to the court filing, Sun’s Tron Foundation employees conducted the trades, the BitTorrent and Tron foundations controlled the accounts and Rainberry employees transferred funds for the trading.
Source: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/?utm_medium=referral&utm_source=rss&utm_campaign=headlines