Liquid Exchange Calls Off Telegram’s Gram Sale, Gives Money Back to Investors

On January 10 Liquid exchange announced that the sale of Gram tokens for Telegram Open Network (TON) had been cancelled, and all funds had been returned to users who took part in the unofficial sale.

According to the blog post, the exchange called off the sale because the TON mainnet had not been deployed by October 31, 2019 as expected, and is not deployed now, largely due to the SEC’s investigation concerning the original Gram offering, which was allegedly an unregistered sale of securities.

Liquid’s terms of sale outlined, that if the TON mainnet did not launch, all the funds would be given back to investors.

According to some reports, Liquid’s token sale was not associated with Telegram. Telegram’s terms of sale state that users who took part in the initial coin offering (ICO) can not sell or exchange the tokens during first 18 months after the launch of the network. Liquid’s ICO page notes that tokens were expected to be delivered in four equal-sized tranches in first 18 months of network running.

As reported, Liquid, was an agent for Gram Asia, the largest token holder on the continent. People close to Telegram said that they had never heard about the organization before.

The exchange has managed to collect at least $4 million in USD, which were stored in an Ethereum wallet revealed by the firm. According to Etherscan, the funds were deposited into Liquid’s hot wallet on January 14.

Telegram’s lawsuit with the SEC will be continued, as the commission has found vital evidence about Telegram selling Grams after the official end of the ICO.