Officially, the legal drama that has involved Telegram and the U.S. Securities and Exchange Commission (SEC) in recent months has come to an end. After Telegram recently announced the cancellation of Telegram Open Network (TON), as well as its crypto-currency Gram, the instant messaging company has now also announced its withdrawal in the lawsuit it was facing with the SEC.
The SEC gave the coup de grace to TON
Story of a crypto frustration
Rarely has a Blockchain technology project had so much going for it. But the transfer funds Bitcoin Era to binance, The News Spy pro api, keep bitcoin on Bitcoin Revolution, send Bitcoin Billionaire to wallet, Bitcoin Evolution deposit with paypal, cryptopia to Bitcoin Trader, ether wallet address Immediate Edge, Bitcoin Profit dividend calendar, Bitcoin Code problem, transfer money from Bitcoin Circuit to bittrex Open Network, and its Gram crypto currency seemed to be a sure success within the crypto world. And not only because of the important support it meant to have a company like Telegram behind it.
TON represented the rescue of certain values considered central in the crypto world. Betting on decentralization and autonomy, at a time when more and more centralized projects are emerging in the Blockchain. Whether it is corporate currencies like Facebook’s Libra, or virtual government currencies like the one developed by China.
However, in the end Telegram’s aspirations have been thwarted by American justice. For months now, the company has been battling the American SEC over an accusation of illegal sale of financial assets. After Telegram made a pre-sale of 2.9 billion Grams, valued at 1.7 billion dollars.
This legal dispute finally led Telegram to abandon the development of its Blockchain. Announcing the end of TON, as well as the return of the investors‘ money. They have the option to receive an immediate 72% refund or a 110% refund within one year.
Most TON investors accept 72% refund
Telegram abandons the trial
But, the story of the Telegram Open Network was still missing something to reach its end. Well, it didn’t come until now that Telegram is officially out of court with the SEC. Withdrawing its appeal of the ruling, which prohibited the company’s sale of Gram inside and outside the United States.
Telegram officially withdraws from the SEC trial
Telegram Officially Drops SEC Case
This puts an end to any hope that there might be a return of Telegram Open Network. Avoiding any possibility that the ruling prohibiting its commercialization would be thrown out by the Southern District Court of New York.
So far, several investors have already commented that they received the 72% refund promised by Telegram. So, we will only have to see if in the future, the company plans to resume projects dedicated to the Blockchain technology. Or if, on the contrary, its possible entry into this world dies with its official abandonment of the trial. Which makes this our Tip of the Day here at CryptoTrend.