Re: Telegram (TON) project has been halted by SEC

Quote from: Kemarit on October 12, 2019, 10:08:39 AM

Definitely, its the US long arm of the law, so It will be better if you would step aside that money to something else, I won't suggest which coin though, but I'm sure you know to DYOR here. Here is one example of a project being sued by US SEC and how it turns out for them.

(https://www.coindesk.com/kik-messaging-app-to-shut-down-following-sec-lawsuit-against-ico).

And there are reports that the token itself went literally to $0.00.

And then there is case of EOS that got away lightly.

About SEC action I have mixed feelings, firstly I do believe that laws are there for a reason and grudge SEC has against TON is quite easy to understand:

Quote

We allege that the defendants have failed to provide investors with information regarding Grams and Telegrams business operations, financial condition, risk factors, and management that the securities laws require.

So, in a nutshell missing information pieces. If(!) TON indeed did not come up with all those infos, then this is a shame and I am sorry to say but SEC is right to act. On another hand timing could not have been worser, they had years to react and now they pop up several weeks before public release.

But projects of such magnitude do not die from a simple SEC injunction, some lawyers will get active and things will be resolved, I am sure. Apparently entire 1.7 Billion went into TON Foundation war chest and investors could also come up with additional funds. So even a 100mil fine would be manageable. In some way this news generates publicity, which is also good.

By the way, do not buy GRM anywhere until official TON launch. You will buy thin air or overpriced token. Wait.