Crypto Entrepreneur, Tron Founder Justin Sun Faces Lawsuit Over TrueUSD Acquisition

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July 18, 2023 11:53 a.m. | 1 minute read

Blockchain technology company Archblock is suing Tron (CRYPTO: TRX) founder Justin Sun for allegedly acquiring TrueUSD (CRYPTO: TUSD) through questionable methods.

There were rumors that Sun secretly owned the stablecoin project. Both Sun and TrueUSD have denied the allegations.

Also Read: Coinbase CEO to Privately Meet with Democratic Lawmakers Over Digital Asset Legislation

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An anonymous founder of Archblock has filed a lawsuit and claims Sun hid his involvement by using various entities and individuals to make the purchase, while using his TUSD acquisition to manipulate the crypto market.

Sun did not respond to Benzinga’s request for comment.

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Sun’s legal troubles: In March, the United States Securities and Exchange Commission accused Sun of paying celebrities to illegally promote Tronix and BitTorrent without disclosing that they had been paid to do so. These celebrities included Lindsay Lohan, Jake Paul, Soulja Boy DeAndre Cortez Way, adult film actress Michele Mason, Miles Parks McCollum (aka Lil Yachty), Shaffer Smith (aka Ne-Yo), and Aliaune Thiam (aka Akon).

He was previously accused of offering and selling Tronix and BitTorrent through several unregistered bounty programs.

It was reported that between April 2018 and February 2019, it required its employees to engage in more than 600,000 TRX wash trades.

It involves buying and selling many cryptos simultaneously to create the illusion of high trading volume and manipulate the price.

This was done between two crypto trading platform accounts that he controls.

It has been reported that between 4.5 million and 7.4 million TRX washout exchanges are facilitated daily.

Read more: Unlikely Crypto Hero: Small-Town Bank Shakes Up Industry, Fills Silvergate Void

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