The SEC has charged eight celebrities, including Lindsay Lohan, Jake Paul, Soulja Boy for touting two cryptocurrencies without disclosing they were paid to do so|Glenn Francis; Jake Paul; Bandai Namco Entertainment America|CC BY-SA 3.0; CC BY 3.0
Eight celebrities, including Lindsay Lohan, Akon, Jake Paul and Soulja Boy, have been charged by the Securities and Exchange Commission (SEC) for allegedly violating securities law while pushing crypto.
The federal regulators claim the celebrities illegally touted two cryptocurrencies, Tronix and BitTorrent, and didn’t disclose they were paid to do so.
The SEC also charged entrepreneur Justin Sun, on Wednesday, alleging he engaged in fraud by manipulating the trading activity of the two tokens. Sun had sold the two cryptocurrencies.