Telegram must pay a fine of $ 18.5 million
The blockchain project of Pavel Durov Telegram Open Network will pay a fine to the US regulator in the amount of $ 18.5 million.
The defeat of the most ambitious blockchain project
The ICO of the grandiose TON project, which was called an alternative to the traditional financial system, failed, as it became known in May 2020. After a long and tense war of lawyers with the American Securities Commission (SEC), further development and launch of the project had to be canceled.
Investors will receive a refund
According to a decision made by an American court, Telegram will have to pay a fine of $ 18.5 million for the illegal sale of securities in the form of tokens. In addition, the TON administration is committed to returning $ 1.19 billion to investors. It is worth noting that Durov already spoke about his readiness to return investments even before the final decision to cancel the project.
The court gave Telegram three years to fully repay the investment, but the fine must be paid for only one month.
Telegram makes a deal with SEC
Despite the tense relationship with the regulator, the company of Pavel Durov never refused to cooperate with the Securities Commission. For example, the documents necessary for the investigation were voluntarily submitted in May of this year.