Home / Cryptocurrency / Were the GRAM Tokens Sold Unlawfully? – Telegram Founder to Appear in the US Court

Were the GRAM Tokens Sold Unlawfully? – Telegram Founder to Appear in the US Court

Were the GRAM Tokens Sold Unlawfully? – Telegram Founder to Appear in the US Court

  • Telegram is a cloud-based messaging and voice over service.
  • As per the report Telegram’s anticipated initial coin offering was conducted privately last year raining $1.7 billion from the sale of 2.9 billion tokens.
  • GRAM tokens can also be used for other external purposes and also can be traded as digital assets exchange like other cryptocurrencies.

Telegram is a cloud-based messaging and voice over service. This can be used by clients with different operating systems like Android, IOS, Windows, macOS, Linux. This is useful for sharing different media like pictures, audio, video, stickers, and files of different types.

Telegram provides unlimited server storage this indicates that all the media like messages, pictures, videos shared between users will be saved on their cloud considering this a user needs not to worry about the backup and restore even if the user login and logout any number times in any number of devices simultaneously. User can also see the active sessions and on which devices is his or her account logged in.

Case filed on CEO of Telegram

As per the investors’, agreement Telegram was preparing to distribute its GRAM tokens at the end of October but the investors started worrying whether this company would be able to meet its commitment or not. Stephanie Avakian stated that

“ our intention of the emergency action taken today was to stop Telegram from flooding US market with digital tokens that were sold unlawfully”.

As per the report Telegram’s anticipated initial coin offering was conducted privately last year raining $1.7 billion from the sale of 2.9 billion tokens. The commissions say that the investors of the United States have purchased GRAM tokens of worth approximately $425 million.

As per the complaint two major companies were mentioned namely Telegram Group incorporated and TON Issuer incorporated. The GRAM tokens were used as a return to the services provided by the application like data storage, TON based domain named registration, privacy-oriented, and other features.

GRAM tokens can also be used for other external purposes and also can be traded as digital assets exchange like other cryptocurrencies. Some of its features allow users to communicate privately and regulators were in fear that they won’t be able to know who has invested in GRAM tokens and cannot even trace their future transactions.

The defendants have failed to submit the financial condition, risk factors, business operations that law requires. The root of the argument between Telegram and SEC is the designation of GRAM tokens.

The telegram stated that it would definitely not make any offers of its digital assets to maintain the status and SEC was not acting well as they have been always cooperating with regulator. The New York court will hear the defendants and investors who filed the case against Telegram on 18 and 19 February 2020.

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About Harsha Puvvala

harsha
Harsha puvvala is a writer for Thecoinrepublic. He is a bachelor of technology student at Jawaharlal Technological University Vizianagaram. He is interested in digital currencies especially blockchain, ethereum. He hopes to conduct research on these digital currencies for financial asset development.

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