RATE Group | Cryptocurrency’s bad day continues as the SEC blocks Telegram’s $1.7 billion planned tok…
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Cryptocurrency’s bad day continues as the SEC blocks Telegram’s $1.7 billion planned tok…

11 Oct Cryptocurrency’s bad day continues as the SEC blocks Telegram’s $1.7 billion planned tok…

Posted at 23:55h in Cryptocurrency News by

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Cryptocurrency’s bad news day continues to get worse as the U.S. Securities and Exchange Commission has said it has filed an emergency action and received a restraining order for the $1.7 billion planned token offering of Telegram’s blockchain.

The move from the SEC follows the continued dissolution of the corporate alliance that was supporting Facebook’s planned Libra cryptocurrency.

Telegram’s ambitious founder Pavel Durov was hoping to launch the Telegram Open Network as a payment option that would exist apart from the global regulatory system in much the same way that Libra would have done, according to initial TechCrunch reporting.

While the Telegram offering had been in the works since January 2018, it had run into problems by the middle of last year and the future of the protocol was already in jeopardy.

According to the SEC complaint, Telegram Group and its TON Issuer subsidiary began raising capital in January 2018 to finance the company’s business,…

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