The Telegram CEO is in the latest cryptocurrencies news as he states that he has paid back around $1.2 billion in USD to investors in the now-abandoned Telegram Open Network (TON) blockchain platform.
As you probably know, the out-of-court settlement of Telegram Open Network (TON) with the United States regulatory body which is the Securities and Exchange Commission (SEC) happened earlier this year, where investors had stumped up around $1.7 billion in USD ahead of the initial coin offering (ICO) for a token called Gram.
Reports by Vedomosti show that Durov stated the following:
“Unfortunately, we could not launch the TON platform on schedule due to the ruling of United States courts, and we have been forced to return the remaining funds to customers in accordance with our contractual obligations.”
The Telegram CEO also spoke after it was revealed that Telegram had reached an out-of-court settlement with SEC. The settlement has not been confirmed by the New York District Court branch where the chat app’s case is being heard. Until then, it appears that the regulator is prepared to step away now that the project is officially closed.
Under the terms of this settlement which were published yesterday, Telegram should return 70% of the investors money – but will be accused of wrongdoing. In the latest blockchain news, we can see that the Telegram CEO Pavel Durov added that as it was clear that there was little point that was prolonging the legal battle, his company was “pleased to be able to end proceedings without admission of wrongdoing.”
“Today’s out-of-court arrangement reaffirms our commitment to return the remaining funds to customers in accordance with the purchase agreements. So far, we have already paid [investors] more than USD 1.2 billion – both directly and in the form of loan agreements,” Durov added.
The Telegram CEO concluded with the statement that Telegram “will continue to develop other projects and innovation,” noting that he hoped that, in the future, American regulators will take a more favorable approach to blockchain technology and related firms.
Some investors now claim that they have lost hope in Telegram and its ability to launch a token at some point in the future.
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