WASHINGTON (Pakistan Point News / Sputnik - 26th June, 2020) A US court has ordered Telegram to return $1.2 billion to Gram crypto Currency buyers and pay a $18.5 million civil penalty, a court document revealed on Thursday.
"IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendants are jointly and severally liable for disgorgement of $1,224,000,000," the court document said. "Defendant Telegram Group Inc.'s obligation to pay a civil penalty shall be satisfied by paying $18,500,000 to the Securities and Exchange Commission within 30 days after entry of this Final Judgment."
Telegram has also been ordered to inform US authorities, over the next three years, of any crypto currency it issues, the court documents said.
Last October, the US Securities and Exchange Commission (SEC) ordered Telegram to halt sales of its crypto currency after it failed to register an early sale of $1.7 billion in token prior to launching Telegram Open Network (TON).
