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Telegram To Pay Crypto Investors Back $1.2 Billion - FortuneZ

Telegram To Pay Crypto Investors Back $1.2 Billion

Telegram to pay crypto investors back $1.2 billion. The case of U.S SEC vs. Telegram Group Inc. and TON Issuer Inc. consolidated on Thursday with New York ‘s Southern District District Court. District Judge P. Kevin Castel directed Telegram Group Inc. to pay a $18,500,000 civil penalty to the SEC in 30 days.

Telegram must also return 70% of the $1.7 billion raised, specifically the unspent portion of the funds obtained from investors any money already refunded or that investors offered to loan the company. The court document states that “defendants are jointly and severally liable for disgorgement of $1,224,000,000”. 

“Today’s proposed settlement reconfirms our commitment to repay the remaining funds to purchasers under the purchase agreements,” Telegram founder Pavel Durov quoted by Siliconangle saying. “We’ve already repaid more than $1.2 billion to the purchasers either directly or in the form of loans.”

In addition, the court order states that, for the next three years, the defendants and all persons involved who obtained the final judgment require to send the SEC notice of 45 days. This needs to be done before engaging in the issuance of ‘cryptocurrencies,’ ‘digital coins,’ ‘digital tokens,’ or any related digital assets issued or exchanged utilising distributed ledger technology.’

[image: Viacheslav Bublyk]


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