Crypto billionaire Justin Sun settles US fraud case for US$10 million

SCMP | March 5, 2026, 5:54 p.m. | Original

Cryptocurrency mogul Justin Sun attends a press conference in Hong Kong in April 2025. Photo: Edmond So

Chinese cryptocurrency entrepreneur Justin Sun has reached a US$10 million settlement to resolve a US Securities and Exchange Commission civil ‌fraud case over his trading activity.

Thursday’s settlement requires court approval, with the payment made by one of Sun’s companies.

It came as US President Donald Trump pushes to make the United States a global hub for the cryptocurrency industry.

Sun and his companies did not admit or deny wrongdoing, the SEC said in a letter ⁠to US District Judge Edgardo Ramos in Manhattan.

Neither Sun’s lawyers nor the SEC immediately responded ‌to requests for comment.

The seal of the US Securities and Exchange Commission is seen at the agency’s headquarters in Washington in May 2021. Photo: Reuters
The seal of the US Securities and Exchange Commission is seen at the agency’s headquarters in Washington in May 2021. Photo: Reuters

The SEC sued Sun and his companies Tron Foundation, BitTorrent Foundation and Rainberry in March 2023, claiming they schemed to illegally ‌distribute the cryptocurrency assets tronix and bittorrent, artificially inflate trading volume, and conceal ⁠payments to celebrity endorsers.

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