Block.one to Pay $24M Fine, SEC Ruled

The Commission concluded that the company concluded an unregistered ICO
01 October 2019   246

Block.one came to an agreement with the US Securities and Exchange Commission (SEC) to pay a fine of $ 24 million for violating securities laws during an ICO of EOS project.

The agency indicated that the EOS token sale lasted almost a year after the publication of the report on the collapse of The DAO. The startup did not register the ICO as an offer of securities in accordance with federal law and did not achieve an exception.

The commission also concluded that Block.one did not provide ICO investors, including American citizens, with sufficient information.

The company agreed to a fine, but neither acknowledged nor denied the allegations.

Block.one clarified that the regulator’s claims relate to the sale of an ERC-20 token in the period from June 26, 2017 to June 1, 2018. This token has already been withdrawn from circulation.

TON Launch to be Postponed to 30.04.2020

Investors, that are not happy with this fact, may receive 77% of their investments
17 October 2019   82

Telegram is ready to postpone the launch of the Telegram Open Network (TON) blockchain platform and suspend all operations with the Gram digital currency. At the same time, the company intends to challenge the lawsuit of the US Securities and Exchange Commission (SEC). The lawyers of Telegram notified the court of the Southern District of New York.

We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and intend to vigorously defend the lawsuit. We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other governmental authorities in advance of the launch of the TON network.
 

TON Team

At the same time, CoinDesk reports that the project investors received a letter with information about the proposed transfer of the TON launch from late October to April 30 next year.

At the same time, the company must approve the decision on the transfer with investors. Each of the groups of investors who bought Gram tokens during two rounds of ICO will have to approve it separately.

Investors of the second round are invited to fill out the appropriate form before October 23. If the majority refuses to sign, they will be returned “about 77%” of the investment. It is reported that investors of the first round received a separate letter.

In the event that the majority still approves the launch transfer, Telegram plans to send another $ 80 million for the development of TON.