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Actress Lindsay Lohan, Rapper Akon, Youtube Influencer and Boxer Jake Paul, Rapper Lil Yatchy, adult film performer Kendra Lust, Singer Ne-Yo and others have been charged with illegally promoting the cryptocurrencies of a Chinese entrepreneur, Justin Sun, who was accused of fraud.
The Securities and Exchange Commission (SEC) had charged Mr. Sun with artificially inflating the trading volume of Tronix (TRX) and BitTorrent (BTT) and concealing payments made to the celebrities to promote the tokens.
The SEC complaint filed in the Manhattan federal court said Mr. Sun, who is the owner of Tron Foundation, BitTorrent Foundation and Rainberry, offered and sold crypto through multiple unregistered bounty programs.
The group of celebrities were reportedly promoting crypto investments to their millions of followers without disclosing that they have been paid. With the exception of Rapper Soulja Boy and pop singer, Austin Mahone, the celebrities have agreed to pay more than $400,000 in settlement, the SEC said.
Soulja Boy and Mahone did not reach an agreement with the SEC, the agency said.
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