TON ICO Stopped by SEC
The Securities and Exchange Commission today announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds.
According to the SEC’s complaint, Telegram Group Inc. and its wholly-owned subsidiary TON Issuer Inc. began raising capital in January 2018 to finance the companies’ business, including the development of their own blockchain, the “Telegram Open Network” or “TON Blockchain,” as well as the mobile messaging application Telegram Messenger. Defendants sold approximately 2.9 billion digital tokens called “Grams” at discounted prices to 171 initial purchasers worldwide, including more than 1 billion Grams to 39 U.S. purchasers. Telegram promised to deliver the Grams to the initial purchasers upon the launch of its blockchain by no later than October 31, 2019, at which time the purchasers and Telegram will be able to sell billions of Grams into U.S. markets. The complaint alleges that defendants failed to register their offers and sales of Grams, which are securities, in violation of the registration provisions of the Securities Act of 1933.
Pretty sad as Telegram is one of the bastions of privacy for now. But of course in USA you cant buy ICOs coz SEC and Gov wants to save you and your money..
https://test.ton.org/download.html if you want to see how oldschool way they run this.
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If Eth was doing an ICO today-it would of never came through...
yeah times have changed ;)
Vitalik got the free pass
For sure. They could have nailed poor little Vitalik and others back in 2014-2016 but they sort of let those slide.
What is the go around for Gram, then???
Probably either dead or they pay huge fines
Or maybe their relaunch the ICO via POW with founder rewards and pull a ZCash type thing
Who knows
"huge" like EOS fines? 🤣
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Can't have people investing in crypto that our benevolent masters in the government can't control/tax now can we.
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It seems like the SEC thought it was not part of its mission to "protect" the 39 U.S. purchasers.
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Pretty sad as Telegram is one of the bastions of privacy for now. agree - massive use in Germany.
Curious what this means for @dtube.
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I really do feel that existing chains that are operational have a big advantage going forward because it will be increasingly hard for any new ICOs.
Downvoted cause it's basically just quotes and screenshots.