Investors Told About TON Launch Postpone

The decisive factor of the delay's length will be the outcome of the hearing scheduled for October 24 in the court of the Southern District of NY
16 October 2019   644

The team of Pavel Durov is supposed to solve all the problems with the SEC within six months to a year. The launch of the Telegram Open Network (TON) may be postponed for such a period, Forbes reports with reference to project investors.

The decisive factor will be the outcome of the hearing scheduled for October 24 in the court of the Southern District of New York. On it, the SEC will explain why it considers the Gram cryptocurrency a security, and TON representatives will present the rationale for lifting the temporary ban on the distribution of coins.

Up to this point, there will be no official statements, sources said.

The TON investigation is being conducted by Daphne Waxman, Morgan Ward Doran, and John Enright, known to the Block.one community.

On October 11, the SEC through a federal court achieved a temporary ban on the distribution of Gram cryptocurrency among investors. The agency believes that the asset is a security, and Telegram violated US law during the ICO.

Durov disagrees with the position of the SEC, but the postponement of the project is considered among possible solutions.

In contracts with investors, the launch deadline indicated October 31, but a clash with regulators is supposedly treated as force majeure along with a natural disaster. Such an interpretation may allow Durov not to return funds in the event of a delayed launch.

Scam ICOs Founder to Go In Jail For 1.5 Years

Maxim Zaslavsky from New York aws found guilty in launching 2 fraudulent ICOs which raised $2.8M in total
19 November 2019   201

Brooklyn-based 39-year-old Maxim Zaslavsky, who was found guilty of fraud in organizing two ICOs, was sentenced to 18 months in prison. This was reported by the attorney of the Eastern District of New York.

Zaslavsky and his associates deliberately misled about 1,000 investors that the REcoin cryptocurrency they created was backed by real estate investments in developing countries. During the ICO, they managed to raise $ 2.8 million.

In August 2017, a Brooklyn entrepreneur launched a second cryptocurrency, calling it Diamond Reserve Coin, which was supposed to be provided with diamonds.

The total amount that victims invested in these fraudulent ICOs will be determined later.

In November 2018, Zaslavsky pleaded guilty and, according to his lawyer, was ready to return the money to investors, but his accounts were blocked.