Telegram has refused to share bank records details of how its ICO money was spent after being sued by the US Securities and Exchange Commission for conducting an illegal ICO.

Telegram may postpone the launch of its TON project until April 2020

A few weeks ago, Telegram was supposed to launch its own cryptocurrency.

However, the US Securities and Exchange Commission filed a lawsuit against the company for selling the securities unregistered.

Telegram raised $1.7 billion in 2018, to postpone the launch date of the currency until the current year.

Telegram refuses to reveal its spending on the ICO funding it received:

in the lawsuit, Requested The SEC has issued an injunction that would force Telegram to reveal its bank records and how it spent money raised in an ICO over the past two years.

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The defendant, Telegram, refused to disclose bank records regarding how they spent the $1.7 billion they collected from investors and to answer questions about how investors’ money was disposed of.

The SEC said in its lawsuit that these bank records are closely related to the issues in dispute.

The US Securities and Exchange Commission has obtained a restraining order from a US court to prevent Telegram from issuing its cryptocurrency just one month before its launch.

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For Telegram to ask investors if they want their money back or wait until TON launches.

The majority of investors agreed to wait.

Now, the messaging platform Telegram has postponed the launch of the TON network until April 30, 2020.

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Learn about the Telegram Network (TON) and the digital currency (GRAM)