• Cryptocurrency Exchange Liquid started returning funds to Gram investors.
  • The company says that it acts in compliance with the investors' agreement.

The cryptocurrency exchange Liquid canceled Telegram token sale and initiated the procedure of returning funds to Gram investors. The exchange made the announcement in the blog and on the official Twitter account:

The Gram Token Sale on Liquid has been canceled, and all funds that were held in escrow by Liquid have now been returned to Liquid users who participated in the Gram Token Sale.

The company stated that according to the investment agreement, TON mainnet should have been launched by October 31, 2019, which did not happen. As a result and in compliance with the terms and conditions of the investment agreement, Liquid shall return all funds invested by Liquid users in the Gram Token Sale.

Every Liquid user that submitted a purchase order for Gram tokens via Liquid will receive an email in the coming days with further details.

Notably, the public re-sale of Gram tokens took place on July 10 on cryptocurrency exchange Liquid. The users basically purchased rights for yet to be issued tokens and, as Liquid representatives explained, all gathered funds were stored in USDC stablecoin. 

Also, the CEO of the trading platform Mike Kayamora said that the company had no direct relations with Telegram's token sale. They entered into an agreement with Gram Asia which was allegedly TON's incubator.

Recently the FXStreet reported that the New York Southern District Court rejected a request from the Securities and Exchange Commission (SEC) to force Telegram to disclose detailed information on how the funds raised during the ICO have been used.

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