Tagged: telegram

Telegram ICO: A Two-Phase Offering Does Not Inoculate an ICO from Federal Securities Law

As we have previously reported, Telegram is engaged in a legal battle with the Securities and Exchange Commission (SEC) in what may be the biggest SEC cryptocurrency case yet.  One the one side, you have Telegram that raised over a billion dollars from a digital… Read More

SEC: Telegram Has Been Using Funds from GRAM Token Sale to Cover 90% of Expenses at Messenger Division

The Citizens Jury Wheel Legal Court Trial Justice Judge Law

In its latest submission in a case against private messaging app provider Telegram, the SEC claims that, Telegram has been using funds raised to develop the TON blockchain to rather cover operating expenses at the messaging business. Telegram raised $1.7 billion USD from 171 purchasers… Read More

Liquid Crypto Trading Platform Cancels Planned Sale of Telegram’s GRAM Tokens

Liquid, a cryptocurrency trading platform started by Blockstream, announced in a blog post January 10th that it has canceled plans to resell Telegram’s GRAM tokens through the platform. “The Gram Token Sale on Liquid has been canceled,” Liquid writes, “and all funds previously held in escrow by… Read More

SEC: Invoices Show Telegram Sold Tokens Through Brokers After Initial Raise

In the SEC’s January 2nd letter requesting compulsion of bank records from private messaging app provider Telegram, the regulator claimed it had documents showing that Telegram, “paid commissions to purchasers who were buying Grams to resell to other investors…” Brokered sales, the SEC wrote, “render… Read More

Judge Will Allow SEC to Question Telegram Execs on Disposition of TON Blockchain Investor Funds, Bank Records Not Immediately Compelled

The Citizens Jury Wheel Legal Court Trial Justice Judge Law

A judge presiding over case involving the SEC and private messaging company Telegram has ruled that the SEC can ask deposed executives questions about how they have been disposing of $1.7 billion USD raised in 2018 to fund construction of the Telegram blockchain. The SEC… Read More

Dancing with Howey: Telegram’s Recent Public Notice on TON Blockchain

On Monday, Telegram, makers of the popular private messaging app Telegram, issued a public notice to, “clarify certain aspects of the TON Blockchain and Grams,” as the company, “continue(s) to prepare for a successful launch of the project.” TON is intended to function as a… Read More

Telegram Clears the Air of Rumors Concerning TON Blockchain Platform & Grams

Telegram announced on Tuesday that despite the rumors it is not planning to integrate its message app with its cryptocurrency token wallet. The platform noted that until now it has not addressed any rumors in the past while its team was working on building the… Read More

Former Member of SEC’s Cyber Unit Comments on Telegram Enforcement Action: Did Telegram Fully Comply with Reg D?

Telegram, issuer of one of the highest-profile token offerings of all time that raised $1.7 billion, is in the midst of a protracted legal battle with the Securities and Exchange Commission (SEC). Last October, the SEC filed an emergency action and obtained a temporary restraining… Read More

Judge Allows Telegram to Submit Proposed Banking Disclosure Schedule in SEC Enforcement Case

The judge presiding over an SEC case alleging Telegram sold unlicensed securities has denied the SEC’s request for immediate disclosure of bank records relating to Telegram’s $1.7 billion sale of GRAM cryptographic tokens. Instead, Judge P. Kevin Castel has ordered the private messaging company to, “set… Read More

SEC Seeking to Compel Bank Records Regarding Telegram’s $1.7 Billion Token Sale

The US Securities and Exchange Commission (SEC) has asked a judge to order Telegram to submit bank records detailing how it has been spending $1.7 billion USD it raised from investors in 2018, Finance Magnates(FM) reports. Telegram is currently contesting emergency orders obtained by the… Read More

SEC Seeking Interview with UK Citizen They Believe Brokered Telegram’s Token Sale

The SEC is seeking to depose UK citizen John Hyman, whom Telegram CEO Pavel Durov has identified as “Telegram’s chief investment advisor.” The SEC believes Hyman brokered many of the private deals that helped Telegram raise $1.7 billion USD from 171 investors in two sales of GRAM… Read More

Telegram Files Response to SEC Action Blocking US Token Sales

Lawyers for Telegram have responded to the SEC complaint that led a judge in October to temporarily forbid the sale of GRAM tokens to retail investors in the US. Telegram, provider of a popular encrypted messaging app (Messenger) that permits anonymous communicating, was started by… Read More

Despite SEC Lawsuit, Telegram Launches Early Version of Desktop Wallet for Its Blockchain-based Gram Tokens

Encrypted messaging provider Telegram has launched an early desktop wallet for its blockchain-based Gram tokens. Users can download Telegram’s test app for Windows, MacOS, Linux 64 bit operating systems from the company’s official website and get their keys on the Telegram Open Network (TON) testnet. … Read More

Report: Investors Grant Extension to Telegram After US Token Sales Halted in SEC Emergency Action

Telegram’s appeal to investors asking for a six-month extension on the launch of the TON blockchain in the wake of an American SEC emergency action against the firm has been granted, Russian Forbes reports. Paraphrasing two unnamed sources, the outlet claims: “Investors in the Telegram… Read More

New York District Court Postpones Telegram’s TON Hearing to February 2020

The US District Court for the Southern District of New York postponed the hearing regarding the Securities and Exchange Commission’s (SEC) injunction filing against London-based encrypted messaging service provider Telegram.  The hearing has been scheduled to take place on February 18–19, 2020. Telegram’s management had… Read More

Telegram Responds to SEC’s Enforcement Action: SEC is Attempting to “Steamroll Telegram Into Consenting to a Preliminary Injunction Where There is No Need”

Telegram has responded to the Securities and Exchange Commission’s enforcement action revealed last week. On October 11, the SEC filed an emergency action and obtained a temporary restraining order against Telegram. The SEC targeted an alleged unregistered, ongoing digital token offering in the U.S. and… Read More

Following Emergency Orders from SEC Prohibiting GRAM Token Sales in the US, Telegram Asks Investors for Extension

Telegram, makers of the popular mobile messaging app Telegram, have sent an email to GRAM token investors asking for a six-month extension on the launch of TON, a blockchain network financed by the company’s $1.7 billion USD 2018 token sale. The request for an extension… Read More

Telegram Enforcement Action: “A reminder that the SEC not only has considerable enforcement tools but is willing to use them”

Last week, Crowdfund Insider reported on the Securities and Exchange Commission (SEC) enforcement action against Telegram and the issuance of Gram tokens. The move by the SEC is a doozy and telling. First, Telegram sold about $1.7 billion in a SAFT (simple agreement for future… Read More

Following SEC Action Halting TON Token Sale in US, Telegram Issues Letter to Investors

A letter from a spokesperson for Telegram regarding the SEC’s emergency action to halt the sale of GRAM tokens to US investors has been making the rounds in the crypto media and on forums. In the the letter, “Shyam” states that Telegram, maker of a… Read More

SEC Slams the Brakes on Telegram’s $1.7 Billion Digital Token Offering in an Emergency Action

The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order against Telegram. The SEC targeted two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion… Read More

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