SEC Hunts Fines Austin Mahone and Soulja Boy Over Crypto Promotion

L to R: Soula Boy in the music video for “Crank That (Soulja Boy)“ in 2007 and Austin Mahone in the music video for “Mmm Yeah” in 2014.

Soulja Boy and Austin Mahone are two names in music you may not have heard in a while. After a bid to stay relevant by chasing the crypto bubble before it burst, the two musicians are now in the crosshairs of the Securities and Exchange Committee after their efforts to promote Tronix cryptocurrency.

Protos reports that Mahone and Soulja Boy, whose name is DeAndre Cortez Way, lost a lawsuit filed in March by the SEC. The lawsuit also named Justin Sun, a crypto entrepreneur who founded the Tronix cryptocurrency and its operating system TRON. Sun also acquired BitTorrent in 2018. Mahone and Way were sued for advertising Tronix without disclosing that they’d been paid. Mahone reportedly has a year to pay the SEC the $7,507 he was paid by Sun’s company as well as $682 interest, in addition to a $37,535 fine from the commission.

Read more

• Cyberpunk 2077’s 2.0 Update Feels Like A Different Game

• Police Shooting Of Sovereign Citizen Pulled Over For Fake License Plate Ruled Justified

• Everything We Saw At Nintendo's Mario-Stuffed September Direct

• LeBron James, wife and 2 associates named in federal PED investigation

• Starfield Contains A Magic Mud Puddle That Will Make You Rich

More from Gizmodo

• Ford Quietly Unveils New Logo On 2024 F-150

• Lauren Boebert to Staff at Local 'Beetlejuice' Musical: ‘Do You Know Who I Am?’

• Drew Barrymore gets booted from award show hosting gig amidst strike backlash

• The Best Popeyes Menu Hack You Haven’t Tried Yet

• Unity Bosses Sold Stock Ahead Of Scummy Dev Fees Announcement

Sign up for Gizmodo's Newsletter. For the latest news, Facebook, Twitter and Instagram.

Click here to read the full article.