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Telegram to pay SEC fine of $18.5 million and return $1.2 billion to investors as it dissolves TON

June 26, 2020

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Pavel Durov’s grand cryptocurrency dreams for his Telegram messaging service are ending with an $18.5 million civil settlement with the U.S. Securities and Exchange Commission and a pledge to return the more than $1.2 billion that investors had put into its TON digital token. The settlement ends a months long legal battle between the company and the regulator. In October 2019 the SEC filed a complaint against Telegram alleging the company had raised capital through the sale of 2.9 billion Grams to finance its business. The SEC sought to enjoin Telegram…

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Telegram to pay SEC fine of $18.5 million and return $1.2 billion to investors as it dissolves TON

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