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.
Mar 22, 2023 at 7:58 p.m. UTCThe 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.
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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/3511dac7-07ba-4423-9003-82143ec00eab.png)
Sage D. Young is 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.