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SEC charges Lindsay Lohan and other celebrities for illegally promoting crypto without disclosing compensation
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Justin Sun, the crypto entrepreneur behind Tronix and BitTorrent tokens, is charged by the SEC for unregistered offer and sale of the tokens and market manipulation
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Eight celebrities promoted Sun's tokens, including Lohan, Jake Paul, Soulja Boy, Ne-Yo, and Akon, without disclosing their compensation
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Celebrities (excluding Soulja Boy and Austin Mahone) agree to pay a total of $400,000 in penalties to resolve the charges
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SEC previously charged Kim Kardashian and Paul Pierce for endorsing cryptocurrency on social media without disclosing their compensation
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SEC accuses Sun of violating antifraud and market manipulation provisions, offering tokens as investments through unregistered bounty programs, and directing employees to manipulate token value