March 28, 2023

SEC: Telegram refused to provide financial information related to TON

The US Securities and Exchange Commission (SEC) said the Telegram project refused to disclose financial information related to the TON token sale of $ 1.7 billion. This is reported by Finance Magnates.

“Currently, the defendants refuseto disclose financial data regarding how they spent $ 1.7 billion raised from investors over the past two years, as well as answer questions about the distribution of these funds ”, - the court documents filed by the SEC say.

Thus, the Commission intends to find out information not only about the amounts and sources, but also about the areas of spending.

“The requested documents are very important forproceedings in the case, which includes questions about the amounts spent by Telegram on the development of the TON blockchain, preparing to integrate the Telegram Messenger application with it, and other related components, - said in the documents of the department.

Recall last October SEC throughfederal court has secured a temporary ban on the distribution of Gram among investors. The agency believes that the asset is a security, and Telegram violated US law during the ICO.

The trial with the SEC caused a delay in the launch of the TON core network, which was originally supposed to take place on October 31, but was subsequently scheduled for April 30.