Justin Sun Faces Charges of Covertly Buying Stablecoin TUSD
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In a lawsuit, the founder of Archblock claims that Justin Sun secretly purchased quantities of the stablecoin True (TUSD).
Tron founder Sun has battled rumors and speculation that he has been the secret owner of TUSD for some time. Both Sun and TrueUSD have separately denied the allegations. Now a lawsuit accuses Sun of acquiring TUSD through clandestine methods. The lawsuit claims that Sun employed a range of entities and individuals to execute the acquisition while intentionally hiding his role in the process.
Sun Has Battled Rumors He Owns TUSD
TrueToken launched TrueUSD (TUSD) in 2018. It maintains its peg to the dollar with corresponding USD reserves held in escrow accounts. TrueUSD is currently the smallest of the Big Five stablecoins by market capitalization, according to CoinMarketCap.
The crypto community’s response was generally calm, given the rumors that have followed Sun for years. In screenshots shared on Twitter, Sun appears to have requested that deals of any acquisition remain private.
An ominous sign, considering the crypto industry’s ironic reputation for a lack of transparency.
TUSD’s price, which is designed to remain pegged to the US dollar 1:1, did not register any significant change.
The Tron founder has been often turned up in the press this year for less than flattering reasons. In March, the Securities and Exchange Commission (SEC) charged Sun and three of his companies.
The US regulator accused Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc., of illegally offering and selling crypto asset securities Tronix (TRX) and BitTorrent (BTT).
The SEC also accused Sun and his companies of fraudulently manipulating the secondary market for TRX through extensive wash trading. A practice that involves buying and selling huge quantities at the same time or nearly so, to foster the appearance of heavy trading volume and manipulate prices.
Additionally, they allegedly orchestrated a scheme to pay celebrities to promote TRX and BTT without disclosing their compensation.
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