Influencer and boxer Jake Paul has been sued by the Securities and Exchange Commission (SEC) for illegally promoting cryptocurrencies linked to Justin Sun.
Paul allegedly “illegally touted” cryptocurrencies “TRX and/or BTT” without disclosing the fact that he was being paid to do so, according to a Wednesday press release.
The press release adds that Paul settled the charges.
The Wednesday actions came amid other lawsuits, with the SEC also suing Justin Sun for market manipulation and alleging that TRX and BTT were unregistered securities.
Jake’s brother Logan Paul is under scrutiny for his failed NFT project, CryptoZoo.
Influencers should never be pushing crypto.
It is good that there is a law for this👏
The king of all rug pulls
So many influencers have pushed coins that they pull from and gain hundreds of thousands of dollars just to leave their fanbase in the dust with no money.