NEW YORK, March 5 (Reuters) – The U.S. Securities ?and Exchange Commission ?has agreed to settle its civil ?fraud case against Chinese cryptocurrency entrepreneur Justin Sun, with one of Sun’s ?companies ?paying a $10 million penalty, a court filing ?showed on Thursday.
The SEC sued Sun and his ?companies Tron ?Foundation, ?BitTorrent Foundation ?and Rainberry in March 2023.
It accused them of scheming to illegally distribute the crypto assets Tronix and ?BitTorrent, artificially ?inflate trading volume, ?and ?conceal payments to ?celebrity endorsers.
Neither Sun’s ?lawyers nor ?the SEC immediately responded to requests for ?comment.
(Reporting ?by Luc Cohen in ?New York, Editing by ?Franklin Paul)
IT & DATA SECURITY (MITIGATING THE “INSIDER THREAT”)
As seen in the TD Bank case, an employee with too much “access” can sell your customer data to syndicates.
- Principle of Least Privilege (PoLP): Employees should only have access to the specific folders and databases required for their current task.
- Access Revocation: Have a “Termination Checklist” that ensures all digital access (Email, VPN, Banking) is revoked within 60 minutes of an employee resigning or being dismissed.
- System Logs & Audit Trails: Enable “Read/Write Logging” on your server. If a customer’s data is leaked, you need to know exactly which login accessed that record and at what time.
- Encryption at Rest: Ensure that sensitive files (like your customer ID numbers or payroll spreadsheets) are encrypted so that if a staff member copies them to a USB, they cannot be read.