According to the SEC, Telegram, refuses to provide financial information about the sale of tokens to finance its TON Blockchain two years ago.

The Telegram encrypted messaging platform refuses to deliver financial details related to its initial coin offer (ICO) to the US Securities and Exchange Commission (SEC). This was reported by the specialized media Financial Magnates and cited by different media within the crypto ecosystem.

According to the source, in a court presentation on Thursday, the US regulator requested a court order that would force the company to reveal bank records that show how it spent the funds raised in the last two years.

The lawsuit cites:

“The plaintiff respectfully moves to force the defendants to answer questions and provide documents on the amounts, sources and use of the funds raised from investors in relation to the unregistered sale of securities in question in this case”

The defendants now refuse to disclose bank records on how they have spent the USD $1.7 billion they raised from investors in the past two years and answer questions about the disposition of investor funds.

Telegram refuses to provide bank record

The US regulator dragged the company to court alleging that “Gram tokens fall into the securities category” and that the company “did not register it with the regulator.”

For Telegram, on the other hand, “Gram is not a value,” and he stressed it once again in November when he asked a New York court to withdraw the SEC’s lawsuit. Due to the aforementioned lawsuit, the company was also forced at the time to delay the launch of its Blockchain, a fact that was backed by its investors.

“The requested bank records are very relevant to the issues in dispute in this case, including how much money Telegram has spent and how, in the development of TON, and in its integration with the Telegram Messenger application and other related applications,” he added. the SEC’s request.

Case history

Telegram raised USD $850 million in February, and then another USD $850 million in March to complete USD $1.7 billion in two rounds of token sales to 171 investors. The collection was made for the development of the Telegram TON block chain, which has not yet been launched, although it was originally scheduled to begin on October 31.

To achieve its mission, the company used the figure of a Simple Agreement for Future Tokens (SAFT). In a SAFT sale, a company promises tokens when a project becomes operational.

Although the company prevented US investors from participating in the rounds, many obtained the chips in the secondary market.

A fraud?

People began to speculate whether the delay in the launch of Gram, whose trial version was released in November, is a premeditated attempt by the company to create some kind of scam.

One of the most popular traders and analysts, Tone Vays, was quite expressive about it when he expressed concern about the potential use of Gram:

“Are you creating money for the world? Or are you simply finding a way to monetize your company? If you are monetizing your company, you are supposed to do it through capital space. You are supposed to give your company shares. No you’re supposed to make money. “

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