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SEC stands for the U.S. Securities and Exchange Commission. It’s an independent federal government agency that is responsible for enforcing the federal securities laws and regulating the industry. The SEC protects investors from fraudulent practices. Therefore, before being sold to investors, issues of securities must be registered with the Securities and Exchange Commission.
Telegram filed a lawsuit against a Florida-based startup in May 2018, which also intended to create its own cryptocurrency called Gram. But after Pavel Durov announced the TON project's closure, it was decided to withdraw the lawsuit against Lantah LLC.
Telegram and SEC Concluded a Settlement Agreement. Durov Will Pay a Fine of $18.5 Million and Return $1.22 Billion to TON Investors
On June 25, it became known that Telegram and the SEC entered into an agreement of lawsuit, under which Durov’s team would pay a fine of $18.5 million, and would also be obliged to return $1.22 billion to investors.
On May 12, Pavel Durov announced the closure of the Telegram Open Network (TON) project. That's why the lawyers of Telegram Group Inc. decided to withdraw a March appeal against a court order banning the sale of Gram.
Pavel Durov Refused to Give the Gram to Investors in 2021 and Will Return the Money to American TON Investors
US investors received a new letter from the Telegram Open Network team, in which they are offered only one way out – to take back 72% of the investments.
Only the Gram cryptocurrency, not the blockchain platform, falls under the restrictions of the regulator. Therefore, soon the TON OS app for working with the TON blockchain platform will appear on Google Play and AppStore.
The blockchain platform of the Durov brothers should be launched in a couple of days. Otherwise, the founder of Telegram will have to return the money to investors. But investors who are not residents of the US fear that they will not be refunded.