https://news.bitcoin.com/clock-ticks-slower-for-justin-sun-and-rainberry-court-grants-extension-amid-sec-allegations/
Justin Sun has now till December to respond,
but on another unrelated matter, after SBF's sentence, he can also be tried for what happened on the last day of FTX trading, where he offered "lifeline" TRX withdrawals, causing Tron to skyrocket within the exchange as investors were paying 4-5x market price to buy and exit with Tron and TRC20 tokens from the failing FTX exchange, he might be the only party to walk away with extravagant profits that day, at the expense of FTX users...
Topic: Justin Sun sued by SEC. Effect on Bitcoin? (Read 608 times)
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
Very ironic, Binance is under the exact same scrutiny yet they want to de-list others based on the same claims?
Lolz, you don't have to blame binance for taking such a rash decision though, personally, If I was to state what is playing out, I would say that, binance is just trying to avoid getting into more troubles, seems the one they are dealing with is already too heavy enough for them 😁.But then, one thing i am happy about is that, even in the midst of this chaos, Bitcoin, and the crypto market in general has relatively been stable, with some greens from time to time, this shows that all this negative news didn't actually move investors to want to dump, really impressive.
Justin Sun did a massive promotion for the unauthorized tokens which made it sell out in millions, celebrities like Akon were penalized for promoting such a project. The market will always have such news, it's not new, we should be getting used to such ill information on top cryptocurrency business owners. I feel bad for the fine those celebrities paid, its not their fault to fall into such situation and promoting a project given to them by Justin sun, it may not have given them the slightest need to research the projects, the Government didn't do well about the penalty issued to the artists, so many cryptocurrency influencers did promote that same project, but it was not written anywhere in the article about paying a penalty, yet the famous ones were penalized for not informing the public that it's a sponsored promotion.
Are you saying that when a celebrity decides to promote a project and even gets paid for it that the celebrity is not to blame? As far as I know they haven't publicly announced that it was paid promotion. That's why they had to pay a fine and I think that is the way it should be.
When you read the SEC's announcement I am sure that they must have lots of proofs. They would just announcement some baseless accusations and when he did engage in wash trading, manipulating volume and prices in order to wreck his own community, I think it's right to see him getting sued. They also seem to have some whistleblowers or email material where Sun demanded his employees to actively engage in wash trading.
I wonder though how this will end for him. But the celebrities as well. Often times the harm is done, they pay a fine but the victims are left alone afterwards. Someone like Jake Paul can easily pay $65k. They paid a total of $400,000 combined with six people I believe.
Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/
Man, it's stressful as heck for the community to hear that Justin Sun's getting sued again by the SEC on securities and market manipulation charges. It's like we can't even catch a break! And then the market just straight up dumps right after the FOMC meeting? Seems like everything's been planned and played out already. But hey, let's keep in mind that Justin Sun's legal problems won't really mess up the whole crypto market. Like that smart dude once said, "This too shall pass!" We don't know how much BTC Justin has to dump, but it's probably not enough to totally mess things up. So, let's just kick back, relax, and enjoy the ride!Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/
Stressful for the Tron community but I don't know about the Bitcoin community. As you see the Bitcoin market does not react to this news. The Bitcoin market continue as if nothing happens. I don't even see any news that highlights the reaction of BTC in relation to the news. It only implies that the Bitcoin community does not care about the person. Justin Sun is a TRX guy, so it has a massive effect on Tron, and at the present, the effect of the news had subsided because Tron is already recovering.
This means the Bitcoin market had matured enough and had developed its resistance to unrelated news such as the one stated by @OP. Bitcoin does not even react heavily to the news about CZ being sued by CFTC and CZ has a bigger image than Justin Sun.
Justin Sun did a massive promotion for the unauthorized tokens which made it sell out in millions, celebrities like Akon were penalized for promoting such a project. The market will always have such news, it's not new, we should be getting used to such ill information on top cryptocurrency business owners. I feel bad for the fine those celebrities paid, its not their fault to fall into such situation and promoting a project given to them by Justin sun, it may not have given them the slightest need to research the projects, the Government didn't do well about the penalty issued to the artists, so many cryptocurrency influencers did promote that same project, but it was not written anywhere in the article about paying a penalty, yet the famous ones were penalized for not informing the public that it's a sponsored promotion.
Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/
Man, it's stressful as heck for the community to hear that Justin Sun's getting sued again by the SEC on securities and market manipulation charges. It's like we can't even catch a break! And then the market just straight up dumps right after the FOMC meeting? Seems like everything's been planned and played out already. But hey, let's keep in mind that Justin Sun's legal problems won't really mess up the whole crypto market. Like that smart dude once said, "This too shall pass!" We don't know how much BTC Justin has to dump, but it's probably not enough to totally mess things up. So, let's just kick back, relax, and enjoy the ride! Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/
Very ironic, Binance is under the exact same scrutiny yet they want to de-list others based on the same claims?
Now Binance has announced they will removing Justin Sun's Tron token off their platform possibly from this court filing against the Tron Network by the SEC:
https://blockworks.co/news/binance-delist-tron-trx
https://blockworks.co/news/binance-delist-tron-trx
Well it does not look like it made a bad effect on Bitcoin. Price of Bitcoin is still price for each coin of 28k or more. We might have predicted a loss in the price but now we can be certain no effect from Justin Sun being sued.
I am not certain if it has something to do with it. But Justin Sun has made the offer to buy 41,500 Bitcoin in control of the US Government for a 10% discount. https://news.coincu.com/177777-trons-justin-sun-offers-to-buy-41500-btc/
I am not certain if it has something to do with it. But Justin Sun has made the offer to buy 41,500 Bitcoin in control of the US Government for a 10% discount. https://news.coincu.com/177777-trons-justin-sun-offers-to-buy-41500-btc/
But somehow as of this reply, Bitcoin price already recovered above $27k.
Yep. Bitcoin somehow doesn't give a shit about what any government does (so far, anyway). So the SEC is claiming TRX is a security? Are they considering all cryptocurrencies, including bitcoin, to be such as well? I haven't paid much attention to what's been going on as far as regulation goes. It is kind of funny to hear that all of those celebrities are being sued as well. Celebrity endorsement is exactly what crypto doesn't need, as evidenced by Matt Damon hyping FTX or whatever that was he got paid for. It just attracts the attention of 'regulators' who really want to do away with bitcoin and every other crypto as well.
I believe that we should be saving our care for what happens inside crypto world anyway, because it is already crowded with plenty of news, anything big happening in the crypto world would get my attention but whatever SEC thinks about bitcoin or other cryptos would not get any attention from me at all. I believe that they considered it a security because Justin sun was so involved and profited from it, so it differs from bitcoin.
Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/
I think this is something which is very old. I mean I remember during the bull run of 2017 there were a lot of allegation on Justin Sun around this manipulation of the market, main thing being they had a lot of centralized coins held by the developers which they used to sell at good prices and later dump the markets because of these sells. I feel however this isn't really going to help these people will still get away from the eyes of law no matter what happens. Also any effect of this on market will be very temporary so you shouldn't really worry about any such thing. Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/
Both XRP and Tron are hugely pre-mined centralized operations that constantly use the free money they have to bash Bitcoin. You should avoid them like the plague, I dont care for the govt but I vote to feed these fuckers to the beast at this point. From my perspective they are ponzi scheming the fuck out of all of their supporters, and the supporters just ride on stockholmes syndrome and naive moon boy math all the time. Its sickening and its happening everywhere. That is the opposite of what Bitcoin is trying to achieve.
Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
It is becoming worrisome why SEC is not being specific with their regulations on cryptos, what should be called security and what should be called commodity, they're just going around hunting and sueing people. Ripple case is still not settled yet, now it has become Tron founder. We could see how the Ripple case has so far affected the price of xrp, and just as it was news that Tron founder got sued, the price of Trx plumet.Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?
Generally it may have a short term effect on the price of Bitcoin, However, since then the price of Bitcoin has continued to rise.
The SEC should stop playing politics and come out with regulatory clarity on cryptos, in order for people to follow the guidelines.
The reality is that most "altcoins" are securities simply because they had huge insider pre-mints and also do not have a fixed monetary policy. Bitcoin has evidently burned the majority of the initial distribution at this point, has no insiders, and also has a fixed monetary policy. It has no CEO, no "shareholders", it was not pitched as an investment or distributed to anyone before it's launch. Bitcoin set an amazing example and such is not being considered a security by the SEC, altcoins saw that shit all over it and now the SEC is going after them. Seems like fair game to me.
But somehow as of this reply, Bitcoin price already recovered above $27k.
Yep. Bitcoin somehow doesn't give a shit about what any government does (so far, anyway). So the SEC is claiming TRX is a security? Are they considering all cryptocurrencies, including bitcoin, to be such as well? I haven't paid much attention to what's been going on as far as regulation goes. It is kind of funny to hear that all of those celebrities are being sued as well. Celebrity endorsement is exactly what crypto doesn't need, as evidenced by Matt Damon hyping FTX or whatever that was he got paid for. It just attracts the attention of 'regulators' who really want to do away with bitcoin and every other crypto as well.
Never Thinking SEC Who Justine Sun And Anymore If Anyone Want Stops Crypto Currency & Bitcoin It's Not Possible Because Crypto Currency One Of The Most Popular Currency In The World's So Never Effect For Justine Sun Sued In The Bitcoin.
Tron does not have anything to do with Bitcoin. Justin Sun being sued by the SEC would (if anything) only effect Tron [TRX]. If anything is more likely to effect Bitcoin it would be the CTFC suit against Binance, as if the result is for the exchange to shut down, it would mean the company would probably liquidate its holdings after users have withdrawn.
is anyone wishing this guy actually ending up paying all his money to SEC?
he keeps trying to grab attention and even attempts to buy a bank using a Twitter post. well, he must have manipulated the market with the billions of TRX he has. he must be guilty but then again part of me still wishes him to win the case.
He has diplomatic immunity because he is presently the Ambassador for the country of Grenada to the World Trade Organization hehehe. They call him His Excellency Justin Sun.
There are also some speculations that he is really protected by the Chinese government. Changpeng Zhao of Binance is also speculated to have some backers from influential people from China.
These centralized actors always act against bitcoin in the end because they cant control it.
is anyone wishing this guy actually ending up paying all his money to SEC?
he keeps trying to grab attention and even attempts to buy a bank using a Twitter post. well, he must have manipulated the market with the billions of TRX he has. he must be guilty but then again part of me still wishes him to win the case.
Jump to: