Justin Sun spent the remaining months of 2024 purchasing a duct-taped banana for $6.2 million and pumping millions more into a crypto business launched by the Trumps. This year, he's at the center of a crypto fraud case that federal regulators have put the brakes on.
The Securities and Exchange Commission sued Sun and his crypto companies — Tron Foundation, BitTorrent Foundation and Rainberry — in March 2023, Reuters reported. The agency accused Sun of generating $31 million in digital assets by having his employees conduct hundreds of thousands of Tronix trades across two accounts he owned. This scheme could mislead investors and customers into thinking Sun's business is legitimate, the SEC charged. Sun was also accused of paying celebrities to promote his crypto assets and instructing them to not disclose that the endorsement was a paid sponsorship.
