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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.
Updated Mar 23, 2023, 3:40 p.m. Published Mar 22, 2023, 7:58 p.m.
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.
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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. and slid more than 8% after the announcement. Huobi (HT), the token of the crypto exchange that Sun leads, fell 10%.
Read more: Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges
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