Liquid Cancels Sale of Telegram’s Gram Tokens, Returns Funds to Investors
Japanese cryptocurrency exchange Liquid has canceled the sale of Gram tokens due to a delay in their release related to the litigation between Telegram and the SEC.
In July 2019, the exchange began selling rights to as-yet-unissued tokens received from one of the largest investors in TON. The emission of cryptocurrency could not take place until the launch of the blockchain project, which was supposed to take place before November last year.
However, in October, the US Securities and Exchange Commission announced that Telegram was illegally selling unregistered securities and banned the distribution of tokens in the country. Because of this, the company agreed with investors to postpone the launch of the project until the end of spring..
Since one of the terms of the Liquid agreement was the transfer of Gram to investors immediately after the issue on October 30, the exchange was forced to cancel the sale and return in full the received funds in escrow.
text: Ivan Malichenko, photo: shtrafsud