{"id":524266,"date":"2023-03-23T12:00:28","date_gmt":"2023-03-23T12:00:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=524266"},"modified":"2024-06-11T14:34:33","modified_gmt":"2024-06-11T14:34:33","slug":"tron-trx-and-huobi-token-ht-plummets","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/tron-trx\/tron-trx-and-huobi-token-ht-plummets\/","title":{"rendered":"Tron (TRX), Huobi Token (HT) Plummet Nearly 10% In A Day, Here\u2019s Why"},"content":{"rendered":"
While the global crypto market appears to have plummeted due to federal reserve chairman Jerome Powell\u2019s recent announcement on the spike in interest rates, <\/span>Tron blockchain native token<\/span><\/a> (TRX) and Houbi exchange native token (HT) seem to have slumped for other reasons.<\/span><\/p>\n On March 22, the U.S. <\/span>Securities Exchange and Commission (SEC) charged Tron founder, Justin Sun<\/span><\/a> over the offering of unregistered sale of crypto asset securities and the manipulation of the market to pump the price of Tron as well as other related tokens.\u00a0<\/span><\/p>\n Claiming the violation of Section 5 of the Securities Act, the SEC stated that Justin Sun, the Tron Foundation, the BitTorrent Foundation, and BitTorrent (also known as Rainberry), would be sued on charges of fraud and initiation of a broad \u201cwash trading\u201d scheme that manipulated the trading volume of TRX. <\/span><\/p>\n SEC chairman Gary Gensler<\/span><\/a> noted:<\/span><\/p>\n As alleged, Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX.<\/span><\/p><\/blockquote>\n In addition, the SEC noted Sun sold a large amount of his TRX holdings on a secondary market, which resulted in $31 million generated from illegal proceeds, unregistered offers, and sales of the <\/span>token (TRX)<\/span><\/a>.\u00a0<\/span><\/p>\n According to the <\/span>lawsuit<\/span><\/a>, Sun\u2019s scheme involved Tron Foundation employees participating in over 600,000 illicit trades via accounts controlled by Tron and Bittorent foundation. Gary Gensler added that Sun used the participation of public figures to initiate his plot.<\/span><\/p>\n Sun further induced investors to purchase TRX and BTT by orchestrating a promotional campaign in which he and his celebrity promoters hid the fact that the celebrities were paid for their tweets.<\/span><\/p><\/blockquote>\n Alongside the charges against Sun, the <\/span>SEC<\/span><\/a> sued several celebrities involved in promoting TRX. Public figures include Boxer and Influencer, Jake Paul, Actress and Singer Lindsay Lohan, and Influencer Michele Mason, as well as rappers and singers Soulja Boy, Lil Yachty, Ne-Yo, and Akon.<\/span><\/p>\n Though the SEC allegation against Sun hasn\u2019t been confirmed to be accurate, the news has resulted in a crash in Tron, <\/span>HT<\/span><\/a>, and several other Justin Sun-related tokens such as Bittorent (BTT), Just (JST), and Sun token (SUN).\u00a0<\/span><\/p>\nMore Details On The Allegations<\/span><\/h2>\n
Tron (TRX) And Huobi (HT) Plummets Neary 10%<\/span><\/h2>\n