Justin Sun recently shared a screenshot of his HTX wallet containing about 28,614 bitcoin, worth approximately $1.6 billion, to dispel rumors that he does not use the HTX cryptocurrency exchange frequently, despite being its global advisor.
Sun emphasized his heavy use of HTX and expressed support for various exchanges. However, this move to flaunt his substantial crypto holdings comes amidst ongoing scrutiny from the Securities and Exchange Commission (SEC) for alleged fraud and violations of securities law.
Last year, the SEC accused Sun of orchestrating a scheme to inflate trading volumes and selling unregistered securities. The regulator claimed that Sun instructed employees to conduct wash trading to artificially inflate the demand and price of the Tronix token. Consequently, the SEC sought a court order to prohibit Sun and his companies from offering securities, including digital assets.
Despite these allegations, Sun has continued to be involved in the cryptocurrency industry and has advised exchanges like Huobi. He played a role in Huobi’s rebranding to HTX, as the exchange sought to expand into international markets and attract customers beyond China.
