Tron Network’s TRX Drops 13% Following SEC Charges Against Justin Sun

Other Sun-related tokens such as SUN, JUST and HT also took hits amid the SEC allegations.

AccessTimeIconMar 22, 2023 at 7:58 p.m. UTC
Updated Mar 23, 2023 at 3:40 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Tron network’s native TRX token dropped 13%, per CoinDesk data, from 6.7 cents to 5.8 cents after the Securities and Exchange Commission (SEC) announced charges against Justin Sun and three of his companies including Tron Foundation and BitTorrent.

TRX dropped more than 12% after SEC charged Justin Sun. (Highcharts.com and CoinDesk)
TRX dropped roughly 13% after SEC charged Justin Sun. (Highcharts.com and CoinDesk)

With a total supply of 91.15 billion, Tron’s market capitalization currently stands at $5.47 billion. In the past 24 hours, trading volume for TRX sits at roughly $421 million, as of press time.

The SEC is charging the Tron network founder with the offering and sale of unregistered crypto asset securities, as well as fraudulently manipulating TRX’s secondary market through extensive wash trading.

Other Sun-related assets also took a dive. Sun token (SUN) and just (JST) slid more than 8% after the announcement. Huobi (HT), the token of the crypto exchange that Sun leads, fell 10%.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.