As it has been revealed in news articles about the cryptocurrency market, Pavel Durov doesn’t want to take part in long trials and is going to pay out all money back to TON investors.
The Telegram founder has recently said that he doesn’t see any sense in lengthy legal battles and will better agree to the U.S. Securities and Exchange Agency’s requirements. The main demand is that all investors who have made financial injections to the TON project should regain their money.
How much money is Durov obliged to return?
The Russian entrepreneur has to return 1.22 billion dollars to investors. He confirmed the information that Telegram had already paid everything back. However, Durov has also announced that he doesn’t consider the situation connected with the project as a failure. He will continue working on other innovations, including the blockchain technology and waits for the USA regulators not being so captious to it.
It is worth mentioning that Durov needs to pay off the penalty, estimated at almost nineteen million dollars. Moreover, his company has to constantly notify the Commission about its intentions as for other operations with cryptocurrency. These conditions will be in effect for several years.
Read more: The comprehensive guide to Bitcoin