In preparing the lawsuit against the Telegram Open Network (TON), the US Securities and Exchange Commission (SEC) relied heavily on information received from project investors, CoinDesk reports.
This was confirmed to the Internet publication by the CEO of HASH CIB, Yakov Barinsky, who advised some of the funds that invested in TON. According to him, in September, the regulator contacted the American investors of the project and requested information about the data that was provided to them for its promotion.
I know that the SEC reached out to them asking how the deal was arranged, what information TON shared, what documents have been circulated and whether there was any omission of information.
CEO, HASH CIB
The regulator’s lawsuit does contain information that was not supposed to be divulged. In particular, the SEC cites “a presentation for a single investor from the US in January 2018.” To attract him, “Telegram talked about his“ high-level technical service ”and“ the possible return on investment in 0x-50x ”.
SEC used the information received to substantiate the conclusion that during the Gram token sale the placement of unregistered securities.
$27.5 million worth of Grams in early 2018 for tokens that had no use and would have no use at the time of launch, demonstrating its intent to profit from the potential increase in value of Grams.
It was probably investor evidence that enabled the SEC to classify Gram as a security. According to the Howie test, the regulator received confirmation of the fact of investments and expectations of profit from them. In addition, the funds are invested in a regular enterprise and the size of the possible profit does not depend on the efforts of the investor.
However, two other TON investors interviewed by CoinDesk said they were not promised a “0x-50x return.” Such inconsistencies in disclosed information could be another alarm to the SEC.