The Japanese crypto exchange Liquid, has announced the cancellation of the Telegram (GRAM) token sale. The Telegram Open Network's (TON) mainnet was set to launch on on October 31 2019 but has yet to go live.
Due to the mainnet not launching by November 30 2019, Liquid cancelled the token sale and returned the funds to investors.
The Gram Token Sale on Liquid has been cancelled, and all funds previously held in escrow by Liquid have been returned to Liquid users who participated in the Gram Token Sale.
The delay of the mainnet launch was due to Telegram's battle with the SEC over the ICO token sale.
The SEC requested the bank records of Telegram but reversed that request. Telegram still would comply and deliver the records early to the SEC by January 15, 2020, when the deadline is on February 26, 2020.