‘Illegally touting’ Justin Sun-linked cryptocurrencies: SEC sues Jake Paul
According to the SEC, Paul and other celebrities failed to disclose they were paid to promote Sun-linked assets.
Jake Paul was sued by the Securities and Exchange Commission for allegedly promoting Justin Sun’s cryptocurrencies illegally.
According to the press release, Paul “illegally touted” cryptocurrencies “TRX and/or BTT” without disclosing he had been paid to do so. A number of celebrities have been charged by the SEC with participating in a scheme to promote Sun-tied cryptos, including the YouTuber-turned-boxer.
Paul settled the charges, according to the press release.
He was sued in February for allegedly participating in a pump-and-dump scheme run by SafeMoon. His brother, Logan, also raised eyebrows with his failed nFT project CryptoZoo.
In Wednesday’s action, the SEC sued Justin Sun for market manipulation and alleged TRX and BTT were unregistered securities.
The story is still developing.