- Cryptocurrency exchange Liquid has announced about its decision to cancel the Gram token sale.
- The US Securities and Exchange Commission claimed that telegram sold Gram tokens after its initial coin offerings.
- The Liquid cryptocurrency takes the security of their customer to be of top priority.
Cryptocurrency exchange Liquid has announced about its decision to cancel the Gram token sale, and according to their official blog post, the return of funds is for those users who took part in the Gram token sale.
The Exchange thinks it is beneficial to return all the money since the TON mainnet not launched till November 30 2019.
As per the invoices under the custody of SEC, Telegram has either raised more than the $1.7 billion for which an exemption is inevitable, or it couldn’t raise $1.7 billion as of March 29, 2018, and then funds were secured through underwriters.
The documents undermine telegram’s alleged affirmative defence the ICO was exempt as per the Regulation D. Regulation D states that the issuer make take cautious steps to facilitate buyers not to be subject to the statutory underwrites that does not make dealings for the issuer for commissions.
But in here, the regulator has sufficient documents proving that invoiced telegram did precisely that, the Exchange will return money for the purchased rights to this asset, and not for digital currency. Liquid Exchange has attracted over $4 million.
Gram tokens rights sold for approximately $4 per coin. Last year, the reports claimed that one million tokens sold. The Exchange emphasized that the funds will securely be returned to investors.
The management of the trading platform assured that each liquid user of the exchange platform who previously applied to the purchase of Gram tokens through the Exchange would be notified of current status through an email in the upcoming days with more detailed information. The Liquid cryptocurrency takes the security of their customer to be of top priority.