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SEC Sues Jake Paul for 'Illegally Touting' Justin Sun-Linked Cryptos
Paul and other celebrities did not disclose they were paid to promote Sun-linked assets, the SEC alleged.
By Danny Nelson
Updated Mar 23, 2023, 6:28 p.m. Published Mar 22, 2023, 7:47 p.m.
Internet personality Jake Paul was sued by the U.S. Securities and Exchange Commission over his alleged illegal promotion of cryptocurrencies tied to Justin Sun.
Paul “illegally touted” cryptocurrencies “TRX and/or BTT” without disclosing he was being paid to do so, according to a press release. The YouTuber-turned-boxer is among a cast of celebrities the SEC charged Wednesday with participating in a scheme to illegally promote Sun-tied cryptos.
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According to the press release, Paul settled the charges.
It’s not the first time Paul’s crypto escapades have come under scrutiny. He was sued in February for allegedly participating in a pump-and-dump scheme run by SafeMoon. His brother, Logan, has also raised eyebrows with his failed nFT project CryptoZoo.
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The actions Wednesday came as the SEC sued Justin Sun for market manipulation and alleged that TRX and BTT were both unregistered securities.
This is a developing story.
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