S.E.C. Demands Telegram Disclose How It Spent $1.7BN Raised In I.C.O.

The United States Securities and Exchange Commission (SEC) filed a court order compelling messaging platform Telegram to release details of how it spent $1.7 billion it raised with its ICO on 2nd January 2020.

The SEC says that Telegram needs to account for how it spent the $1.7 billion raised by selling Gram tokens during its ICO – insisting that it constituted an unregistered securities sale.

In October the SEC initiated emergency action against Telegram, resulting in a delay to the launch of the TON blockchain. However, Telegram denies that its Gram tokens are securities, and has so far refused to cooperate with the SEC’s investigation, hence yesterday’s court order.

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