The US Securities and Exchange Commission charged Chinese cryptocurrency entrepreneur Justin Sun and three of his businesses for improperly registering digital assets and for alleged market manipulation.
The agency also charged eight celebrities including actress Lindsay Lohan and social media personality Jake Paul for illegally touting Sun’s crypto assets, alleging they failed to disclose they received compensation for doing so.
The SEC accused Sun and his businesses of selling unregistered crypto asset securities known, as well as and fraudulently manipulating their trading volume.
Six celebrities including Lohan and Paul agreed to pay more than $400,000 in total to settle charges with the SEC without admitting or denying the agency’s findings.