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US SEC Halts Telegram’s $1.7 Billion Digital Token Offering

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US authorities said on Friday they have halted a $1.7 billion (GBP 1.34 billion or roughly Rs. 12,078 crores) unregistered digital token offering by the messaging service Telegram Group and its TON Issuer subsidiary.

The Securities and Exchange Commission said it had received a temporary restraining order against the two offshore entities, which the regulator said had failed to register to sell 2.9 billion digital tokens called “Grams” to initial investors globally, including 1 billion to US buyers. The move marks the latest effort by the agency to crack down on the fledgling cryptocurrency industry.

The SEC has taken the position that initial coin offerings are securities offerings and therefore subject to SEC offering rules, which require firms to file registration and disclosure documents.

“Our emergency action today is intended to prevent Telegram from flooding the US markets with digital tokens that we allege were unlawfully sold,” Stephanie Avakian, co-director of the SEC’s Division of Enforcement, said in a statement.

Telegram promised to give the coins to buyers when it launched its blockchain by October 31, when the purchasers and the company would be able to sell them into US markets, the SEC said.

A lawyer for the companies did not respond immediately to requests for comment.

© Thomson Reuters 2019



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Google Pixel 6 and Pixel 6 Pro: Everything we know so far

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Google Pixel 6 is hot in the rumor mill with multiple leaks presenting a deeper peek into the upcoming Google smartphone. It is also speculated that the Pixel 6 will be accompanied by the bigger Pixel 6 Pro phone. It is highly likely, the Pixel Fold and even an XL model may debut alongside the Pixel 6 series smartphones. The … Continue reading

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Watch woodpecker destroy hidden camera one obnoxious peck at a time

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You’ve probably seen or heard a woodpecker in action at some point; they’re the small birds that can spend hours driving everyone in the vicinity to madness with incessant taps against trees or wood buildings. What you probably haven’t seen is what it looks like to be the object subjected to the woodpecker’s wrath — until now, that is. A … Continue reading

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MacBook Pro M1X and Mac mini may release Intel from service in 2021

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The release date for a new M1X version of the MacBook Pro from Apple, along with a new Mac mini appear to be headed for a special event. It’s been rumored that the most powerful and updated Mac mini with M1X chip inside will be revealed at an event in the forth quarter of this year, 2021. It’s also tipped … Continue reading

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