The company appealed the court decision in March, but then the founder of the messenger Pavel Durov announced the termination of work on the blockchain project
Telegram has revoke an appeal against a court order banning the distribution of Gram tokens as part of proceedings with the US securities and exchange Commission (SEC). The decision was supported by both parties, the review was carried out using a standard form based on rule 42.1 — "leaving without consideration".
The appeal was sent in March after a court banned Telegram from issuing Gram tokens. On may 12, messenger Creator Pavel Durov announced the termination of work on the blockchain project. The main reason he called the "paradoxical" decision of the court. Investors were offered to return 72% of their investment or sign a loan agreement with a return of 110% in a year.
After that, TON investor Vladimir Smerkis said that the majority of ICO participants are inclined to file a lawsuit against Durov. Smerkis allowed an option in which the Telegram team will need to make concessions to investors and reconsider the option of paying out funds.
On April 1, Federal judge of the southern district of new York Kevin Castel rejected Telegram's request to clarify the possibility of distributing Gram tokens to bypass American investors. Castel stressed that the security was not an agreement to buy an altcoin or the coin itself, but the entire scheme, including the company's activities and investors ' expectations of selling the asset on the secondary market.