- SEC has been referring to various documents that have not published in the public domain.
- SEC, the acquired Gram tokens were visible on the Liquid cryptocurrency exchange.
- The U.S. Securities and Exchange Commission and Telegram have been litigating since October 2019, with the SEC managing to stop the TON ICO.
As per a report by russian newspaper Kommersant, SEC has claimed that the owner of Space Investments, which considered to be one of the largest investors in the TON blockchain platform, is currently InVenture Partners. Mr. Inshutin had reportedly stated to Kommersant that he has not been working at InVenture Partners since March 2018.
However, SEC has been referring to various documents that have not published in the public domain. This also includes extracts from personal correspondence. Further, it has also followed up that in March, Space Investments had acquired Gram cryptocurrency tokens for $91 million.
The amount eventually decreased. During 14 banking transactions from March to November 2018, Space Investments had transferred $ 50.29 million to Telegram.
InVenture Partners was established in 2012 by Sergey Azatyan and Anton Inshutin. It is an investment company that launched two venture capital funds that invested in Gett, Busfor, Netologiya Group, and several other projects.
Further, as said by the SEC, the acquired Gram tokens were visible on the Liquid cryptocurrency exchange. The exchange had also notified Telegram in May 2019 that it would be conducting an initial exchange offer of Gram tokens in conjunction with Space Investments.
As it came out in the media reports, the Commission has added that a total of approximately $4 million worth of Gram had sold on Liquid.
During mid-January, the exchange had announced that it would refund the money for the sold cryptocurrency.
Previously, it had also come to the notice that Telegram had signed commission agreements with Aton broker, Da Vinci Capital fund, and Space Investments. According to this, Telegram is ready to pay a percentage of gross revenue from the attracted investments.
The U.S. Securities and Exchange Commission and Telegram have been litigating since October 2019, with the SEC managing to stop the TON ICO. The Commission insisted that the procedure, in which TON raised $ 1.7 billion, was carried out with violations because Gram tokens received by investors are security.
Further, Telegram has denied all these allegations imposed on them, and are calling the Gram a currency. Eventually, the SEC has also stated that Telegram was utterly aware of the emergence of a gray market for this cryptocurrency. They also added that they did not even try to prevent the spread of Gram before the launch of TON.
In defense, Telegram denied this news and insisted that the company has tried everything in it will to fight it. TON was supposed to launch in the fall. However, it postponed until the spring of this year. Now, the main hearings in the case of SEC and TON would commence in February.