Tron Foundation, which was terminated in April 2023, has resumed its work, as Protos reports with reference to the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
Recall that in March 2023, the US Securities and Exchange Commission (#SEC) filed a lawsuit against Justin Sun, Tron Foundation and several influencers. The SEC alleged that #TRX and BTT tokens are securities and accused the individuals involved of fraudulently inflating the value of TRX artificially, as well as selling derivatives without proper licensing.
Court documents dated April 2023 showed that the #Tron Foundation was temporarily shut down. Justin Sahn's legal team subsequently asked repeatedly for the hearing to be rescheduled, citing the organization's reorganization as one of the reasons.
According to information provided by Protos, the Tron Foundation has now resumed operations. On February 16, 2024, the court is expected to consolidate the cases of Sun, DeAndre Cortez Way and Austin Mahone, who are defendants in the SEC suit. While Austin Mahone has already been convicted, DeAndre Cortez Way reached a settlement with authorities in August 2023.
The completion of the Tron Foundation restructuring will likely expedite the trial. However, no specific date has been set for #Justin Sun's trial at this time.
