September 18, 2020

SEC trial against Telegram adjourned to next year

New York court adjourned SEC v. Telegram Group Inc. and TON Issuer Inc. February 18-19, 2020. Before At the moment, defendants are prohibited from distributing or selling Gram cryptocurrency.

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Telegram agreed to postpone launch to 30April and invited dissenting investors to return 77% of the invested funds. However, the defendants do not consider Gram securities. The companies asked the court to lift the temporary ban on the distribution of tokens, because, in their opinion, the actions of the SEC are contrary to common sense.

The SEC insisted on an injunction until the end of the proceedings. Otherwise, the regulator believes, further violations by Telegram are “practically guaranteed”.

According to The Bell, TON investors are optimistic and are not going to demand a return on investment, although some still tried to sell large batches of Gram for the price of the second round of ICO.

Recall, October 11, the SEC announced the receipt of a temporary ban on the distribution of Gram. The jurisdiction of the department was provided by 39 American investors who purchased coins for $ 424.5 million.

Regulator claims Telegram has promisedfor some investors, the price increase is 10-50 times. According to the SEC lawsuit, the defendants raised a lot more money than they needed to develop TON, and investors had no control over expenses.

As noted in The Bell, Nikolai Durov, who oversees the creation of TON, has only Russian citizenship, while Pavel Durov has Russian passports and Saint Kitts and Nevis.

Also obscure is the ownership structure of Telegram Group Inc. - The SEC lawsuit says that Pavel owns a 100% share, but Nikolai is called a co-owner.