Cryptocurrency Fines
Messaging giant Telegram has been ordered by SEC to pay $18.5 million fine to US regulator
With a name like "crypto currency" there has to be something cryptic about it..
In Time for Christmas!
Is today's emerging digital cryptocurrencies just an alternative term for "Money-laundering"?
Telegram's CEO Pavel Durov's great dreams about cryptocurrency related to Telegram messenger ended in a civil settlement of 18.5 million U.S. dollars with the U.S. (SEC) Securities and Exchange Commission against the Telegram Open Network (TON) cryptocurrency project following an increased regulatory crackdown. The promise to return more than $1.2 billion that investors have invested in their TON digital token must also be resolved. In June of this year, Telegram was forcing United States-based Gram token investors to take a 72 percent refund and exit the TON blockchain project. That spells a 28% loss. Non-US investors have the option to loan out their money to the company for a year. Telegram raised $1.7 billion in two private sales of its Gram token in 2018 and assured the investors to launch TON and distribute the tokens in October 2019.
However, weeks before the deadline the SEC put a ban on the project showing violations of the US securities law.
In October 2019, the SEC filed a complaint against Telegram, alleging that the company raised capital by selling 2.9 billion gram tokens to finance its business. The SEC sought to prohibit Telegram from supplying the grams it sold, which the regulator claimed were securities. In March, the U.S. District Court for the Southern District of New York agreed with the SEC and issued a preliminary injunction. In May, Telegram announced that it was closing the TON initiative.
The settlement will end a long legal battle between the company and the regulator of the U.S. Securities Act of 1933 to halt money trading on the system. In yet another inflated ponzi scheme, people invested in the currency because they were looking for profits. And they 'didn’t want that profit for themselves', they wanted to sell it to other people. Because of this, it would be criminal to take the profit. Is this dirty money or just dirty laundry and money laundering, a dirty capital investor's wet dream.
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. Bitcoin was the first open-source software released in 2009, decentralized cryptocurrency. https://en.wikipedia.org/wiki/Cryptocurrency
Telegram’s lawyers previously requested that the application be thrown out, calling it an “unfounded fishing expedition.”
https://www.financemagnates.com/cryptocurrency/icos/sec-orders-telegram-to-pay-18m-fine-refunds-1-2-billion-to-investors/
The moral of this story is :
keep your money rolled up in a sock hidden under your mattress, so it can grow while you sleep on it..
Which is your favourite monetary currency, coins, paper, plastic or digital?
dr. π (pi)
.
With a name like "crypto currency" there has to be something cryptic about it..
In Time for Christmas!
Is today's emerging digital cryptocurrencies just an alternative term for "Money-laundering"?
Telegram's CEO Pavel Durov's great dreams about cryptocurrency related to Telegram messenger ended in a civil settlement of 18.5 million U.S. dollars with the U.S. (SEC) Securities and Exchange Commission against the Telegram Open Network (TON) cryptocurrency project following an increased regulatory crackdown. The promise to return more than $1.2 billion that investors have invested in their TON digital token must also be resolved. In June of this year, Telegram was forcing United States-based Gram token investors to take a 72 percent refund and exit the TON blockchain project. That spells a 28% loss. Non-US investors have the option to loan out their money to the company for a year. Telegram raised $1.7 billion in two private sales of its Gram token in 2018 and assured the investors to launch TON and distribute the tokens in October 2019.
However, weeks before the deadline the SEC put a ban on the project showing violations of the US securities law.
In October 2019, the SEC filed a complaint against Telegram, alleging that the company raised capital by selling 2.9 billion gram tokens to finance its business. The SEC sought to prohibit Telegram from supplying the grams it sold, which the regulator claimed were securities. In March, the U.S. District Court for the Southern District of New York agreed with the SEC and issued a preliminary injunction. In May, Telegram announced that it was closing the TON initiative.
The settlement will end a long legal battle between the company and the regulator of the U.S. Securities Act of 1933 to halt money trading on the system. In yet another inflated ponzi scheme, people invested in the currency because they were looking for profits. And they 'didn’t want that profit for themselves', they wanted to sell it to other people. Because of this, it would be criminal to take the profit. Is this dirty money or just dirty laundry and money laundering, a dirty capital investor's wet dream.
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. Bitcoin was the first open-source software released in 2009, decentralized cryptocurrency. https://en.wikipedia.org/wiki/Cryptocurrency
Telegram’s lawyers previously requested that the application be thrown out, calling it an “unfounded fishing expedition.”
https://www.financemagnates.com/cryptocurrency/icos/sec-orders-telegram-to-pay-18m-fine-refunds-1-2-billion-to-investors/
The moral of this story is :
keep your money rolled up in a sock hidden under your mattress, so it can grow while you sleep on it..
Which is your favourite monetary currency, coins, paper, plastic or digital?
dr. π (pi)
.