In an April 30 letter to investors, Durov put his stake in the Telegram messaging app on the table, offering to reimburse 110% of their investment with his own money if they let their gram token investment ride for another year. Otherwise, they can cash out now, getting back 72 cents on the dollar.
Court to Telegram: No gram token sales anywhere
Telegram’s hopes of launching its TON blockchain anytime soon were dashed when a federal judge blocked the public sale of $1.7 billion in gram tokens—even outside of the U.S.
It’s never a good sign when a judge says the argument in favor of your motion, “is less than straightforward, to be polite.” Unfortunately for messaging app turned blockchain developer Telegram, that's exactly what federal Judge P. Kevin Castel said when its lawyers asked him to “clarify” whether it could sell of gram tokens outside the U.S. while an SEC lawsuit delays the launch of its TON blockchain.
SEC to Telegram: Too little, too late
The Securities and Exchange Commission has told a judge that Telegram should not be allowed to issue $1.7 billion worth of gram tokens to non-U.S. buyers
Telegram had planned to launch the Telegram Open Network, or TON, blockchain on Oct. 31, 2019. At that time, it planned to create 2.9 billion gram tokens, which sold to the general public. The SEC said that public sale would be an unregistered and illegal securities offering, and sued to block it.
Court to Telegram: $1.7 billion gram token sale is likely illegal
The Securities and Exchange Commission has a ‘substantial likelihood’ of winning an ICO test case against the messaging app firm’s planned sale of gram tokens for its TON blockchain
A federal judge issued a preliminary injunction stopping Telegram's planned resale of $1.7 billion in gram tokens, saying it is "part of a larger scheme to distribute those Grams into a secondary public market."