Just a few weeks before Telegram was supposed to launch its cryptocurrency, the US Securities and Exchange Commission sued the company for selling unregistered securities. Telegram had raised $1.7 billion in 2018. The messaging giant has postponed the date of launch to later this year.
Telegram declines to disclose ICO spending.
In a court filing, the US SEC requested for a court order that would force Telegram to reveal its bank records of how they spent the funds raised in the ICO over the last two years. However, the defendants replied that they are refusing to disclose the bank records concerning how they have spent the $1.7 billion they raised from investors and to answer questions about the disposition of investor funds. The SEC in its request, said that these bank records are highly relevant to the issues in dispute in this case.
TON network will launch later this year.
The US SEC had obtained a restraining order from a US court to stop Telegram from issuing its cryptocurrency just a month before it was supposed to launch. Telegram then asked investors whether they want their money back or wait till the launch of TON network. The majority of the investors agreed to wait. Now the messaging platform has postponed the launch of its TON network to 30th April 2020.