Telegram investor confirms SEC's arguments against platform

by in Blockchain News

Telegram SEC John Hyman

The US Securities and Exchange Commission has taken evidence from former Telegram investment adviser John Hyman.

He said that in 2018 Telegram sold investment contracts for Gram tokens not only to TON platform investors but also to underwriters who were involved for wider distribution of tokens.

This statement may be an additional argument in support of the regulator's position that Gram buyers expected to use the token for speculation, and the project consultants knew about the formation of the Gram secondary market.

Related: Telegram will pay $235000 to developers of solutions for TON

Earlier, the SEC discovered accounts indicating that in the summer of 2018, the Da Vinci Capital investment fund and Gem Limited sold Gram tokens worth more than $2 million and $13.1 million, respectively.

Recall, that recently Telegram co-founder published a description of the TON consensus protocol called Catchain. According to the document, Catchain is a Byzantine generals task algorithm (BFT) executed on the PoS that provides a solution to the reliability problem, even though part of the nodes is untrue.