Court orders Telegram to return $1.2 Billion to Ton Cryptocurrency Investors

The SEC, however, alleged TON was a scheme to evade federal securities laws in an October 11, 2019 complaint. In the complaint, the SEC asked the U.S. District Court for the Southern District of New York for an injunction blocking the Grams sale.

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Telegram planning $500 Million ICO

Unlike most ICO companies, Telegram has an established business but it is not clear if that business makes any money.

The plan is for Telegram users to send money through TON, which would transform Telegram from a humble messaging app to a financial network. That would make it a sort of PayPal or Venmo for blockchain applications. It would also be perfect for international remittances, money immigrants send to folks back home.

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