Telegram Agrees to Give SEC Bank Records, Communications in Ongoing TON Lawsuit
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.
Telegram is closing the page of its $1.7 billion token sale and paying back its last debts to the token buyers. The company just raised more funding via bonds and planning an IPO.
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.
A group of investors wants compensation for the way Telegram refunded them, and is suing the company in London.
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.