The Security and Exchange Commission went after multiple celebrities, including Lindsay Lohan and Jake Paul, for promoting TRON ecosystem tokens.

Justin Sun and the Tron Foundation were also accused of fraudulently manipulating TRX’s secondary market.

TRON price plunged by 12.5% in the span of an hour, with the altcoin falling to $0.0587.

TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.

SEC goes after Justin Sun

In a press release on March 22, the SEC announced charges against Justin Sun and his three wholly-owned companies. These included the Tron Foundation, BitTorrent Foundation and Rainberry (formerly BitTorrent). These entities were charged for offering and selling unregistered assets, which, according to the SEC, were TRON (TRX) and BitTorrent (BTT).

In addition to these charges, Justin Sun was also accused of fraudulently manipulating the secondary market for TRX through extensive wash trading. The SEC further stated that Sun orchestrated a scheme to pay celebrities to promote TRX and BTT but failed to disclose that they were being paid to promote these cryptocurrencies.

Consequently, eight celebrities also came under fire as SEC charged them for illegally promoting the TRON ecosystem tokens, including the likes of Lindsay Lohan and Jake Paul. SEC chair, Gary Gensler, in line with the charges, said,

“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.”

SEC after the crypto space

This is the second instance of the regulatory body attacking a major crypto company after Kraken. Earlier last month, the SEC charged the crypto exchange with selling unregistered crypto staking service program and penalized Kraken for $30 million.

This raised concerns in the crypto community regarding SEC’s stance on staking.

The reason behind this is that Ethereum and many other altcoins are built on the Proof of Stake (PoS) consensus method, which is considered to be superior to Bitcoin’s Proof of Work (PoW) method.

But if the SEC was to eye the staking aspect of the crypto space, many cryptocurrencies would go down. However, since the Kraken staking service takedown, the SEC has not taken any major step in this direction.

TRON price crashes by 12%

TRON price noted a strong bearish reaction to the SEC’s charges as investors rushed to sell their assets. The altcoin fell by more than 12.37%, bringing the price down to trade at $0.0587. As a result, TRX lost three major support levels, namely the 50-, 100- and 200-day Exponential Moving Averages (EMAs).

The confluence of the 100-- and 200-day EMA now stands as the critical resistance level that the TRON price needs to breach in order to mark a sustained recovery. The cryptocurrency is also vulnerable to a dip below the critical support at $0.0572Losing this base would push TRX down to 2023 lows of $0.0518, noting a 22.73% crash.

#tron #justinsun #sec #BTC #koinmilyoner

In a recent turn of events, the cryptocurrency markets experienced a whirlwind of uncertainty following a fake SEC announcement. On Tuesday, a tweet from SEC's official X account suggested instant approval for a Bitcoin ETF, only to be swiftly contradicted by SEC Chairman Gary Gensler through his personal account. Gensler clarified that the SEC's X account had been compromised, and no approval for a spot Bitcoin ETF had been granted.The incident led to significant volatility in the crypto markets, with Bitcoin displaying substantial price fluctuations. Investors found themselves in a state of ambiguity regarding the fate of the eagerly awaited spot Bitcoin ETF approvals.Despite the confusion, analysts maintain optimism regarding the eventual approval of spot Bitcoin ETFs. These products, which directly track Bitcoin's price, have been a subject of prolonged debate at the SEC. Advocates argue that they offer broader access to digital assets, while opponents express concerns about market manipulation and investor protection.Even in the aftermath of the tweet and Gensler's clarifications, many analysts believe that the SEC will greenlight spot Bitcoin ETFs in the near future. The regulatory body faces mounting pressure from both industry stakeholders and the public, with several applications currently under review.Contrary to assumptions that the ETF news had already been factored into the market, reactions post-announcement and retraction proved otherwise. The susceptibility of the SEC to cyber breaches raises questions about its ability to effectively oversee and regulate complex financial instruments such as Bitcoin ETFs.This incident highlights the heightened anticipation surrounding the SEC's impending decision. A potential announcement this Wednesday could send shockwaves through the financial landscape, shaping the course of Bitcoin's integration into mainstream markets. The crypto community awaits further developments as regulatory decisions continue to play a crucial role in the evolving crypto narrative.#BTC #etf #GaryGensler #sec

In a recent event that alarmed many in the #cryptocurrency market, there was an unsuccessful attempt to transfer a vast amount of #XRP tokens. These transactions, which approached nearly half of the total market value of XRP, approximately 30 billion dollars, were ultimately unsuccessful.
Bitfinex and the Failed XRP Transactions
In a case involving the prominent crypto exchange #Bitfinex , activity was recorded and confirmed by CEO Paolo Ardoino. This involved an attempt to exploit the network functionality of the XRP Ledger. WhaleAlerts, an on-chain tracking service, revealed that XRP transactions worth nearly 15 billion dollars were supposed to be executed at the beginning of the week, representing about half of the token's market capitalization, which is 31 billion dollars.
 However, these transactions were actually just for a few cents of XRP and failed due to the sender's insufficient liquidity, as revealed by blockchain data.

 
Motives and Protective Measures of Bitfinex
The main goal of this attempt was likely to deceive Bitfinex into believing it was a legitimate transfer, potentially leading to a hack. However, Bitfinex's systems identified these transactions as "partial payments," a specific feature of the XRP Ledger that allows successful payment by reducing the received amount. Paolo Ardoino stated that the attack was unsuccessful thanks to Bitfinex's correct processing of the 'delivered_amount' data field.
 Utilization of Partial Payment Feature and Security Risks
Partial payments can be useful for refunding money without additional costs but also represent a known security problem, as indicated by XRP Ledger transaction documents. If financial institutions assume that the 'Amount of Payment' field always corresponds to the entire delivered amount, they may be at risk of exploitation of this assumption by malicious actors for stealing money.
 The Importance of Caution in the World of Cryptocurrencies
This incident re-emphasizes the ongoing security risks that are part of the broader cryptocurrency market. In 2023, users lost nearly 2 billion dollars due to various scams, including so-called "rug pulls" and hacking, highlighting the constant need for caution and increased security awareness in this dynamic and sometimes risky financial environment.
#ripple #sec
 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The SEC reiterated its stance that well-known crypto assets, including solana, cardano and polygon, are securities under U.S. law in a lawsuit against Coinbase — while adding further tokens to the list as well.

The developments come a day after the SEC filed a lawsuit against Binance. The agency repeated claims from yesterday's lawsuit against Binance that solana (SOL), cardano (ADA), polygon (MATIC), filecoin (FIL), sandbox (SAND) and axie infinity (AXS) are securities.

In this filing, the agency also included tokens that weren't mentioned in the Binance lawsuit. These were: chiliz (CHZ), flow (FLOW), internet computer (ICP), near (NEAR), voyager token (VGX), dash (DASH) and nexo (NEXO).

Flow is the native token of Dapper Labs' blockchain. The SEC previously named dash as a security in a lawsuit against crypto exchange Bittrex.

The SEC previously listed nine tokens as securities in its insider trading case against a former Coinbase employee. It also claimed multiple tokens related to luna were also securities in its complaint against Terraform Labs and Do Kwon.

#crypto2023 #Binance #sec