Telegram Founder to Be Deposed by SEC in GRAM Token Case

In the latest saga of Telegram’s legal battles with the United States Securities and Exchange Commission (SEC), the founder of the company Pavel Durov will be giving a deposition along with two other employees of Telegram. 

The District Judge of the New York Southern District Court P. Kevin Castel made a ruling on November 25th, that the deposition will occur on January 7th or 8th, of 2020. The location is to be agreed upon by both parties.

The vice-president of Telegram Ilya Perekopsky, will be testifying as well. Perekopsky’s deposition is set for December 16th, 2019.  The third employee to go through deposition is Shyam Parekh, a Telegram employee who was heavily engaged in the $1.7 billion Gram (GRAM) Initial Token sale. His deposition will be held on December 10th, 2019. 

Durov will testify regarding the SEC’s claims that Telegram engaged in the sale of unregistered securities when it commences the sale of its Gram tokens to private investors. 

Following the accusations by the SEC, Telegram filed a counterclaim on October 16th. Stated that its native crypto is in no way to be considered a security. 

GRAM Token Launch Is Postponed

The SEC’s injunction against Telegram, the Telegram Open Network’s (TON) resulted in the long and highly anticipated launch on October 31st to be postponed. 

Within the purchase agreements of the GRAM token sale, was stated that should the network failed to launch by the announced date, investors in GRAM would be eligible to receive a refund, following the decision of a vote. 

Once the vote commenced, investors in TON and the GRAM token sale decided to vote against a refund. Pushing back the launch date to April 2020.