Court Refused SEC Inquiry On TON Fin Info Disclosure

As reported, there still remains the possibility that the regulator will gain access to at least part of the requested information
08 January 2020   666

The New York Southern District Court rejected an attempt by the US Securities and Exchange Commission (SEC) to obtain banking documentation from Telegram regarding the sale of Gram tokens.

According to FinancialFeeds, the judge made an inconclusive decision to reject the SEC application.

There remains the possibility that the regulator will gain access to at least part of the requested information, the publication notes. By January 9, Telegram must provide a schedule for checking bank records so that the court makes sure that they comply with foreign privacy laws.

The SEC petition stated that financial data on how Telegram and TON Issuer spent the $ 1.7 billion raised from investors during the Gram token sale are “highly relevant to the issues in dispute in this case”.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   878

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.