In a decision dated March 24, 2020, Judge Kevin Castel of the Southern District of New York granted a preliminary injunction request by the U.S. Securities and Exchange Commission preventing the distribution to purchasers of $1.7 billion worth of cryptocurrency called “Grams.” In 2018, Telegram sold “interests in Grams” to 175 entities and high-net-worth individuals. These “Gram Purchase Agreements” entitled the initial purchasers to receive an allotment of Grams upon launch of the TON Blockchain.…

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