2020-5-13 20:03 |
Telegram CEO Pavel Durov says the company is abandoning its TON blockchain project after losing an initial court fight with the SEC.
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Telegram has settled its six-month court case with the SEC, agreeing to pay $18.5 million in penalties and to notify the agency if it plans to issue another digital asset in the next three years.
TON Labs, a startup that helped Telegram run the test network for its blockchain network, launched its own version called Free TON Thursday, with the support of professional validators.
Telegram has asked a court to clarify if it can still issue its tokens to non-U.S. investors after a preliminary injunction blocked the issuance in the U.S.
In his first public comments on the case, federal judge P. Kevin Castel called on Telegram and the SEC to consider the "economic realities" of the case such as the gram token’s secondary market.
Big names that may have invested in Telegram’s token sale are surfacing in court documents as the company fights a case brought by the SEC.
Newly released transcripts of the SEC’s depositions of Telegram executives offer a rare window into the logic and the mechanics behind its $1.7 billion token sale.