June 5, 2023

SEC Provides Evidence of Gram Token Sale After Completion of ICO

The US Securities and Exchange Commission (SEC) has sent new documents against Telegram to the court, CoinDesk reports. The regulator claims that the company sold Gram tokens after the completion of the token sale.

SEC discovered accounts indicatingthat on June 20, 2018, Da Vinci Capital Investment Fund sold Gram worth more than $ 2 million to ITI Funds. Another company, Gem Limited, on July 2 of that year sold tokens worth $ 8.6 million to a company called Goliat Solutions and $ 4.5 million to Space Investments Limited.

For this, Da Vinci Capital and Gem Limited requested a commission of $ 209 thousand and $ 1.1 million, respectively.

Both companies declined to comment.

The SEC believes that the data presented "undermine" the position of Telegram. The company claimed that the ICO was conducted on exceptional terms in accordance with regulation D.

“Telegram either raised more than $ 1.7 billion as part ofthe campaign, he claims, on exceptional terms, or did not raise $ 1.7 billion as of March 29, 2018 and subsequently raised funds through underwriters, ” previously noted in the SEC.

Recall that in October last year, the SEC achievedtemporary ban on the distribution of Gram among investors. The regulator believes that the asset is a security, and accuses Telegram of violating US law in an ICO.