The U.S. District Court for the Southern District of New York has issued a subpoena to Justin Sun, the founder of Tron, in connection with a Securities and Exchange Commission (SEC) civil case.
Justin Sun Summoned by U.S. District Court
The court filing addressed to Justin Sun’s Singapore address stated, “A lawsuit has been filed against you.” According to the official document, Sun must respond to the summons within 21 days by contacting the SEC’s attorney, Adam Gottlieb.
Also Read: US Government Plans to Sell 41,500 Bitcoin, Justin Sun Offers to Purchase
If Sun fails to respond, a judgment by default may be entered against him, potentially leading to penalties related to alleged securities law violations. The court order highlights the need for Sun to file his answer or motion with the court.
Earlier this week, Sun announced his arrival in Hong Kong on Twitter. On April 12, he discussed Hong Kong’s thriving crypto ecosystem and the future of decentralized finance at the ‘Binance Night’ event.
SEC Lawsuit Against Sun and Tron
Last month, the SEC filed a civil lawsuit against Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry, accusing them of facilitating the unregistered offer and sale, manipulative trading, and unlawful touting of Tron as a crypto asset security. The regulatory agency claimed that Sun engaged in manipulative wash trading, promoting TRX and BitTorrent [BTT] with the help of celebrities. Recently, Binance.US announced the delisting of TRX, causing concern among community members. In response, Sun tweeted “4,” urging people to ignore FUD, fake news, and attacks.
