Justin Sun Hit By Explosive Market Manipulation Claims As Alleged Ex-Girlfriend Offers Evidence To Sec

What Happened

Allegedly, the controversial crypto executive used multiple Binance accounts to inflate prices before dumping tokens on retail investors.

The accuser, identifying herself as Ten Ten (Zeng Ying), stated that she was romantically involved with Sun during TRON’s launch and early growth phases.

Large-scale sell-offs followed, allegedly dumping tokens on retail investors and generating what she described as “enormous illegal profits.”

Further, the lady states her willingness to fully cooperate with any investigation by the US SEC. She also urges the authorities to contact her.

While the claims remain unverified, they closely echo allegations previously made by the SEC. In March 2023, the regulator filed a civil lawsuit against Sun, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent).

The SEC case was stayed in February 2025. This was shortly after reports emerged that Sun had invested millions into Trump family–linked crypto ventures, including World Liberty Financial, allegedly benefiting Donald Trump by around $50 million.

Market Context

Tron founder Justin Sun faces renewed scrutiny after a woman claiming to be his former girlfriend publicly accused him of orchestrating large-scale market manipulation during TRX’s early years.

She alleges that Justin Sun instructed multiple Beijing-based employees to use their personal identities and mobile phones to register numerous Binance accounts. These were then used in coordinated trading activity.

Allegedly, these accounts conducted aggressive buying to artificially boost TRX’s price and market capitalization in late 2017 and early 2018.

The securities regulator accused them of unregistered offers and sales of TRX and BitTorrent Token (BTT), as well as extensive market manipulation.

In that complaint, the SEC alleged Sun engaged in wash trading. Reportedly, he executed over 600,000 trades between April 2018 and February 2019. Reportedly, he used controlled or nominee accounts to create artificial trading volume and price stability without genuine changes in ownership.

The earlier case did not explicitly reference employee identities or Binance accounts. However, the core allegations closely align with Ten Ten’s account of TRX’s early trading activity. These are:

Coordinated trading

Artificial volume inflation, and

Why It Matters

“The SEC’s request to stay the Sun litigation, and subsequent efforts to settle the matter, may have been unduly influenced by Sun’s relationship with the Trump family, including his significant financial contributions to their businesses,” they wrote.

Details

Justin Sun Accused of Using Binance Accounts to Manipulate TRX

“I am in possession of evidence showing that he used the identities and mobile phones of multiple employees to register numerous Binance accounts,” she wrote.

Ten Ten claims to hold WeChat chat records, insider testimony from employees, and additional documentation. She emphasizes that what has been disclosed publicly so far represents “only a very small portion” of the material.

There’s Precedent Despite Ten Ten’s Unverified Claims

The agency also accused Sun of orchestrating undisclosed paid celebrity promotions to hype the tokens. The SEC said the scheme generated approximately $31 million in illegal proceeds.

Insider profit-taking

The pause, which has since been extended, drew criticism from US Representatives Maxine Waters, Sean Casten, and Brad Sherman in mid-January 2026.

In a letter to SEC Chairman Paul Atkins, the lawmakers questioned the agency’s apparent retreat from crypto enforcement. They cited paused or dropped cases involving Sun, Binance, Coinbase, and Kraken, and warned of a potential “pay-to-play” dynamic tied to political influence.

In her statements, Ten Ten framed her decision to come forward as both personal and moral. She reveals: