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Liquid Exchange Cancels Sale of Telegram's Gram Tokens
With the SEC lawsuit holding up the launch of Telegram's TON network, the Japan-based exchange has cancelled its sale of gram tokens and refunded investors.
Japan-based Liquid exchange has cancelled its sale of Telegram's not-yet-launched gram tokens.
STORY CONTINUES BELOW
Originally announced in June, the limited sale of tokens sourced from Gram Asia – said to be one of the biggest investors in Telegram's $1.7 billion initial coin offering – took place in July.
However, the tokens were not to be released until Telegram's TON network – the blockchain supporting the tokens – had gone live. That had been expected by the end of October.
Sale proceeds were held in escrow pending the issuance.
Now, Liquid says in a blog posthttps://blog.liquid.com/cancellation-of-gram-sale dated Jan. 10 its sale terms specified TON must have launched by Nov. 30, 2019; since that was not the case, the sale had to be cancelled.
Telegram's blockchain project has been held up by a lawsuit brought by the U.S. Securities and Exchange Commission (SEC) in October claiming that grams are in fact an unregistered security and ordering the company to halt the launch of the TON network.
The SEC is set to meet Telegram in court on Feb 18-19, as per recent filings.
Seth Melamed, Liquid's head of business development, told CoinDesk: "100 percent of client funds were returned to participants. No fees or charges." The escrow wallet made public by Liquid is now empty.
Daniel Palmer
Previously one of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 750 stories for the site. When not writing or editing, he likes to make ceramics. Daniel holds small amounts of BTC and ETH (See: Editorial Policy).
Anna Baydakova
Anna writes about blockchain projects and regulation with a special focus on Eastern Europe and Russia. She is especially excited about stories on privacy, cybercrime, sanctions policies and censorship resistance of decentralized technologies. She graduated from the Saint Petersburg State University and the Higher School of Economics in Russia and got her Master's degree at Columbia Journalism School in New York City. She joined CoinDesk after years of writing for various Russian media, including the leading political outlet Novaya Gazeta. Anna owns BTC and an NFT of sentimental value.
