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.
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%.