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An ICO stands for an Initial Coin Offering, which is also called crowdsales or token sales. It’s a way of raising funds for a company that plans to launch new coins, apps, or services. In ICOs, investors are offered cryptocurrency tokens in exchange for other cryptocurrencies or legal tenders. This method is mainly unregulated and is used by startups.
Telegram will most likely lose the case in court, and Durov's company will be obliged not only to return the money but also to pay a fine. The final verdict will be issued on April 30.
The Telegram Group and the SEC appealed to the United States District Court for the Southern District of New York with a request to expedite their case, while also announcing their positions.
The Court Attacks Telegram Again: The Court Ordered Telegram to Disclose Pre-ICO Financial Information by February 26
The US District Court made the final decision and will not extend the deadline for submitting financial documents. Telegram has time to provide required materials until February 26.
The SEC provided evidence of Telegram tokens sales after the pre-ICO, which Telegram refused to give earlier. Now, Telegram says that it will most likely not have time to provide the SEC with the required information before the next hearing.
The New York Southern District Court denied the Securities and Exchange Commission's (SEC) emergency request to get complete bank records from Telegram token sales.
TON investors supported the project, and the deadline will be extended for April 30, 2020. Check out the details of the options Telegram offered to its purchasers.
The Telegram Group Inc. is ready to postpone the launch of its Telegram Open Network (TON) blockchain platform and delay all transactions related to the Gram cryptocurrency for 5 months.