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Telegram agreed to pay $ 18.5 million for failed ICO
Telegram settled the conflict with the SEC for $ 18.5 billion
The company must also return the invested funds to investors.
No further work on the project is planned
As part of the agreement reached, Telegram must pay 18.5 million.
dollars and notify the US Securities and Exchange Commission (SEC) if you intend to issue digital currency within the next three years.
Telegram will give everything
The settlement, which was reached on June 11, effectively completes a six-month lawsuit with the regulator. As a result, the messaging platform compensates for illegally obtained profits by paying investors a penalty for terminating the purchase agreement, as well as some amounts received in the form of loans earlier this year. Telegram has 30 days to pay the SEC fine, investors can be compensated for four years.
In addition, Telegram must notify the SEC if it wants to issue “cryptocurrencies”, “digital coins”, “digital tokens” or any similar digital assets created using distributed ledger technology in the future. The notice, which is not a request for approval, must be sent 45 days before the scheduled issue, the agreement says..
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Obviously, the regulator took into account Telegram’s readiness to terminate the agreement on the development of TON and pay the invested amounts to investors.
Earlier, Telegram offered its non-American investors the opportunity to issue loans to the company for a period of one year with a promise to return 110% of the amount provided. This solution was intended as an alternative to the previously agreed 72% return on investment. This deal did not suit everyone. Some investors wanted to sue Telegram.
ICO for $ 1.7 billion
SEC filed a lawsuit against Telegram in October 2019 after the company raised $ 1.7 billion to fund the development of the TON blockchain project.
Earlier this year, the company was supposed to distribute the purchased tokens to investors, but a federal court upheld the SEC and banned the issue. Telegram first filed an appeal, but then refused to fight.
Read the detailed story of how the American regulator killed Telegram.
The company announced that it would stop working on TON on May 27, but at the same time partially posted the project code.
Telegram allegedly no longer plans to work on TON, but at the same time is ready to post “some minor bug fixes and solve problems on Github, provided that the team members have the time and desire to do this.”.
Telegram managed to publish most of the TON code, including blockchain nodes, a technical article on the TON negotiated protocol, and its own crypto wallet. Although Telegram itself said it would not launch TON, another organization, TON Labs, launched its own version of the network with a group of professional validators..
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