TrueUSD (TUSD), a stablecoin that is pegged to the dollar rate corresponding to USD reserves held in escrow accounts, emerged into the crypto scene in 2018. For some time, Tron founder Justin Sun was speculated to be the secret owner of the project until he and TrueUSD separately denied the allegation. In a recent report, the founder of Archblock, a renowned blockchain technology company, has filed a lawsuit against Sun for secretly acquiring TrueUSD (TUSD) through dubious means.
According to the lawsuit filed by the Archblock founder whose identity is undisclosed, Sun concealed his involvement by using different entities and individuals to make the purchase. In addition, the lawsuit mentions that Sun used his TUSD acquisition to manipulate the crypto market
Some crypto community members think his credibility and integrity are at stake, especially after his previous controversies. In March, the US Securities and Exchange Commission charged the Tron founder for paying celebrities to illegally tout TRX and/or BTT without disclosing that they were paid to do so
SEC’s Lawsuit Against Sun Before the TUSD Alleged Acquisition
SEC Chair Gary Gensler in response spoke about the need for crypto assets to be offered with proper disclosure.
Sun was previously accused of offering and selling TRX and BTT through multiple unregistered bounty programs. It was reported that between April 2018 and February 2019, he asked his employees to engage in more than 600,000 wash trades of TRX. This involves buying and selling a huge quantity of cryptos at the same time to show a heavy trading volume and also manipulate the price. This was done between two crypto trading platform account he controls. Between 4.5 million and 7.4 million TRX wash trading was reportedly facilitated daily.
Buy TRON (TRX) quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<Gurbir S. Grewal, Director of the SEC’s Division of Enforcement commented:
Tron is doing well over the week till the news emerged. In the last 24 hours, the asset has fallen by 0.36 percent. Regardless, its weekly gain is still in excess of 3 percent
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