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In the hearing yesterday, U.S. District Judge, P. Kevin Castel issues an injunction against the distribution Telegrams’ Gram token [TON]. The judge also notes that SEC has shown ‘a likelihood of success’ in proving that SEC tokens might be ‘securities.’
Preston Byrne, partner at Anderson Kill law firm notes,
SEC v. Telegram motion for preliminary injunction: Telegram loses. They lose big.
The TON tokens were promised to accredited SAFT ( Simple Agreement for Future Tokens) investors who invested $1.7 billion in total. Telegram would be to liable to pay the investors back on the terms of the contracts.
