Tron Network’s TRX Drops 13% Following SEC Charges Against Justin Sun

Other Sun-related tokens such as SUN, JUST and HT also took hits amid the SEC allegations.

AccessTimeIconMar 22, 2023 at 7:58 p.m. UTC
Updated Mar 23, 2023 at 3:40 p.m. UTC
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The Tron network’s native TRX token dropped 13%, per CoinDesk data, from 6.7 cents to 5.8 cents after the Securities and Exchange Commission (SEC) announced charges against Justin Sun and three of his companies including Tron Foundation and BitTorrent.

TRX dropped roughly 13% after SEC charged Justin Sun. ( and CoinDesk)
TRX dropped roughly 13% after SEC charged Justin Sun. ( and CoinDesk)

With a total supply of 91.15 billion, Tron’s market capitalization currently stands at $5.47 billion. In the past 24 hours, trading volume for TRX sits at roughly $421 million, as of press time.

The SEC is charging the Tron network founder with the offering and sale of unregistered crypto asset securities, as well as fraudulently manipulating TRX’s secondary market through extensive wash trading.

Other Sun-related assets also took a dive. Sun token (SUN) and just (JST) slid more than 8% after the announcement. Huobi (HT), the token of the crypto exchange that Sun leads, fell 10%.


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Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.

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