The US Southern District of New York Court ruled that Telegram must pay $1.22 bln in tokens to those who had purchased the Gram currency, and to pay $18.5 mln in compensation payments
MOSCOW, June 26. /TASS/. Pavel Durov, the owner of Telegram instant messaging service, expressed hope in a statement on Thursday that US blockchain regulation would become more favorable in the future.
“Regrettably, we were unable to launch the TON platform by our deadline date due to the preliminary injunction ordered by the Court, and thus had to return the remaining funds to purchasers under our contractual agreements,” Durov wrote. “Since we saw limited value in pursuing the court case further, we welcomed the opportunity to resolve it without admitting or denying our liability.”
“Today’s proposed settlement reconfirms our commitment to repay the remaining funds to purchasers under the Purchase Agreements. We’ve already repaid more than 1.2bn to the purchasers either directly or in the form of loans,” the Telegram founder assured.
“We look forward to continuing to pursue our other projects and avenues for innovation, and we hope the regulatory environment for blockchain technology in the US becomes more favorable for others in the future,” the statement concludes.
Telegram founder Pavel Durov announced on May 12 that his Telegram Open Network (TON) blockchain project, which raised $1.7 bln in investments, had been shut down after a US court ruling declaring that Grams (TON blockchain currency) cannot be distributed not only in the US, but globally. The US Securities and Exchange Commission won the legal battle against Durov’s TON, barring Telegram from launching TON or distributing its gram tokens.
On Thursday, the US Southern District of New York Court ruled that Telegram must pay $1.22 bln in tokens to those who had purchased the Gram currency, and to pay $18.5 mln in compensation payments.