Justin Sun is charged with several crimes

The SEC and FBI have launched an investigation of Justin Sun’s activities. He faces more than a dozen charges, including running an insider trading group.

Justin Sun allegedly manipulated the market

Following the acquisition of the Poloniex cruiser, Sun reportedly implemented a fake know your customer (KYC) system, which allowed for a quick verification of the identity of each new customer. A former employee of the trading platform joked that “photos of Daffy’s duck could get green”.

In addition, Sun is reportedly involved in insider trading with a specialized market maker, in order to promote the value of its crunch and manipulate the market.

Authorities also accuse the young businessman of embezzling 300 BTC (approximately $ 12.5 million), which was abusively transferred by Poloniex customers to Tether Omni. The former employee said that Sun had broken so many laws that it would not be possible to name all the crimes.

According to The Verge, whose reporters allegedly saw the summons, Sun faces various criminal charges, including fraud and money laundering. With the United States having an extradition treaty contract with more than a hundred countries, Justin Sun is expected to end up in prison inevitably.

In addition, the FBI, which led the investigation, is working with former employees who testify against it. Tron founder Justin Sun has denied multiple charges against him, calling The Verge an “flagrant slander.”