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John Wang
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Legal
January 5 11:14

SEC accuses Telegram of withholding information

Securities and Exchange Commission has revealed, that it has not received an explanation on how investor funds for Gram and TON were used by Telegram. The regulator requested the clarification on the use of US$1.7 billion, that the company has managed to secure  
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Telegram has disclosed the transaction data, but it only includes the incoming cash flow. There is no indication on how the funds were spent. SEC believes that Telegram is intentionally withholding the requested information and asks for a direct court order.
Telegram has secured funding back in January of 2018. The company was looking for investors for its cryptocurrency project - TON. Then SEC has taken interest in the issue, which led to the rescheduling of the project release. Currently TON is supposed to launch in April of 2020.