Telegram Withdraws Offer to Repay Investors With Gram Tokens
Telegram says it won't be repaying investors in its 2018 TON token sale in gram tokens, one week after saying it could do so once the network launches.
Telegram has thrown in the towel in its court battle against the U.S. Securities and Exchange Commission and will no longer be appealing the ban on its blockchain token project.
Telegram CEO Pavel Durov says the company is abandoning its TON blockchain project after losing an initial court fight with the SEC.
Telegram has settled its six-month court case with the SEC, agreeing to pay $18.5 million in penalties and to notify the agency if it plans to issue another digital asset in the next three years.
Telegram will fork over bank records and communications with its investors in an agreement with the SEC as part of the agency's ongoing lawsuit.
TON Labs, a startup that helped Telegram run the test network for its blockchain network, launched its own version called Free TON Thursday, with the support of professional validators.