Telegram Open Network Returns $ 1.2 Billion to Investors

Kataryna Kovtun June 26, 2020


The team of the Telegram Open Network (TON) blockchain platform returned $ 1.2 billion to project investors following contractual agreements. This was reported by Pavel Durov.

He emphasized that Telegram did not recognize, but did not deny its responsibility to the US Securities and Exchange Commission (SEC), but welcomed the opportunity to resolve the lawsuit.

“The calculation proposed today confirms our commitment to return the remaining funds to investors in accordance with the Purchase Agreements. We have already paid more than $ 1.2 billion directly or in the form of loans,” said Durov.

He added that the Telegram team intends to implement other projects and expressed the hope that the regulatory environment for blockchain technology in the United States will become more favourable for developers in the future.

Are There Other Ways to Resolve the Conflict Telegram With the SEC?

New York State licensed lawyer and head of international litigation at Buzko Legal, Yevgeny Krasnov, said that Telegram essentially had no other way to resolve the conflict with the SEC.

“Telegram already accepted this outcome when it revoked the appeal, and when Pavel Durov made a post saying that he was stopping work on the Telegram Open Network project. Then it became clear that the parties would agree on the terms of a settlement, which became known yesterday, ” he said.

The SEC’s requirement for Telegram to report on future cryptocurrency issues is called by the lawyer “fully legitimate”.

“The SEC has widespread discretion in imposing sanctions on violators of the Securities Act. Such requirements are often found in such agreements,” added Yevgeny Krasnov.

Earlier it became known that, in the framework of the conflict settlement, Telegram will pay the SEC a fine of $ 18.5 million and be liable for losses of investors of $ 1.224 billion and additional payments of up to $ 30.6 million. Over the next three years, Telegram must notify the SEC of plans to issue a digital currency or tokens based on blockchain technology.

Read the previous news about Telegram here…

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