justin sun, the founder of cryptocurrency firms Tron Foundation and BitTorrent Foundation, reportedly received a subpoena from a US court in the Southern District of New York on Thursday.

What happened: The summons came after the Securities and Exchange Commission (SEC) filed an enforcement action against Sun for alleged trading Tronix TRX/USD And Bittorrent BTT/USD without registering them as securities, as well as non-disclosure of payments to celebrities including Lindsay Lohan And Austin Malone for their endorsements of crypto assets and products, after to a report in The Straits Times.

The document, seen by The Straits Times, revealed the subpoena went to two addresses in Singapore. Sun was given 21 days to respond.

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It also alleges that Sun manipulated the market for TRX to “create the artificial appearance of legitimate investor interest and keep (its) price afloat,” as quoted in the report.

In addition to these allegations, Sun is also accused of participating in wash trading, akin to a pump-and-dump scheme in which securities are traded in transactions that create the appearance of heavy trading activity without resulting in a change in the market beneficial ownership comes.

The SEC alleges that Sun directed its employees to perform more than 600,000 wash trades of TRX between two crypto-asset trading accounts it controls, with between 4.5 million and 7.4 million TRX washes daily for nearly a year were traded.

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