SEC seeks to force Telegram to reveal how $1.7bn ICO funds were spent

ronjor · Jan 3, 2020

By Charlie Osborne for Between the Lines | January 3, 2020

SEC claims the ICO was an unregistered securities sale.
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guest · Jan 13, 2020

NY Court Orders Telegram to Reveal Its ICO Bank Records
January 13, 2020
https://www.financemagnates.com/cry...ders-telegram-to-reveal-its-ico-bank-records/

According to a court order dated Monday, federal judge Kevin Castel ordered encrypted messaging app Telegram to disclose its bank records by February 26. The decision comes a few days after the same judge informed the Securities and Exchange Commission that it will not be given full access to Telegram ICO’s banking and financial details.
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guest · Jan 22, 2020

SEC Depositions Shed Light on Telegram’s $1.7B Token Sale
January 22, 2020
https://www.coindesk.com/sec-depositions-shed-light-on-telegrams-1-7b-token-sale

During an 18-hour deposition, Durov disputed in particular SEC attorney Jorge Tenreiro's claim that the sale would help Telegram pay for servers. This claim is a core part of the SEC’s argument in the ongoing case that Telegram was selling unregistered securities.

The newly released transcripts of the SEC’s depositions of Durov, Telegram Vice President Ilia Perekopsky and financial services specialist Shyam Parekh offer a rare window into the logic and the mechanics behind the $1.7 billion token sale.
Rather than fundraising for the company, selling the tokens known as grams to investors was a way to make sure enough of them are staked to secure the proof-of stake TON blockchain, Durov claimed.
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guest · Jun 25, 2020

SEC Orders Telegram to Pay $18M Fine, Refunds $1.2 Billion to Investors
June 25, 2020
https://www.financemagnates.com/cry...ay-18m-fine-refunds-1-2-billion-to-investors/

Messaging giant Telegram is a step closer to end its year-long battle with the US regulators over the TON blockchain. Today, the U.S. Securities and Exchange Commission (SEC) revealed a proposed settlement with Telegram that involves civil penalties, as well as limitations for any future plans to revive its crypto ambitions.

The order, which Telegram consented to without admitting or denying the findings, imposes a $18.5 million penalty, and requires the social network to disgorge nearly $1.2 billion to refund investors after its scheduled release of the Gram token failed.
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SEC seeks to force Telegram to reveal how $1.7bn ICO funds were spent

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