NewsJustin Sun, Lindsay Lohan, And Other Celebrities Sued By SEC For Crypto Sales
The US Securities and Exchange Commission (SEC) has charged Chinese cryptocurrency entrepreneur Justin Sun and his companies with fraud, accusing them of artificially inflating trading volumes and concealing payments to celebrities to promote their crypto assets. Eight celebrities, including Lindsay Lohan and Soulja Boy, were also accused of illegally promoting the crypto assets. All but two of the celebrities agreed to settle, paying more than $400,000 in total. The SEC has been cracking down on the crypto industry, with SEC Chair Gary Gensler calling it a "Wild West" riddled with misconduct.