According to information obtained from court documents, a civil subpoena was allegedly sent to Justin Sun’s address in Singapore by the US District Court for the Southern District of New York. The document further outlined that the response must be served on the plaintiff (US SEC) or plaintiff’s agent within 21 days.

Justin Sun faces legal hurdles

The subpoenas come after the US SEC filed charges against the founder of Tron earlier last month for the unregistered offering and sale of two cryptocurrencies, as well as for market manipulation and conducting airdrops of similar securities. The document further warned the 33-year-old crypto entrepreneur of dire consequences if he does not respond. The court was quoted as saying:

If you do not respond, you will be sentenced in absentia for the exemption claimed in the complaint. You must also file your answer or motion with the court.

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Sun – who gained popularity after attending the lavish $4.5 million dinner with Warren Buffet in 2020 – allegedly attempted to artificially inflate TRX trading volume through wash trading by his own employees “more than 600,000 wash trades of TRX between two crypto asset trades. platform accounts he managed. Sun

Tron’s price under pressure

After the spread of this news, the value of Tron’s TRX coin experienced a marginal decline. Earlier, TRX was dealt a big blow when it became known that there were rumors about Sun’s arrest in Hong Kong. However, it was eventually ignored after Sun revealed on Twitter why it was a flawed theory.

As things stand, the price of TRX is trading hands at $0.06538, representing a 0.11% drop in the past hour, as opposed to a 0.46% gain that has been in the last 24 hours. registered.

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Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

This post The New York court sends a civil subpoena to Tron founder Justin Sun

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