Court in Telegram case blocks gram token issuance, says token distribution likely violates securities law

Quick Take

  • NY federal court enjoins issuance of GRAMS promised in Telegram’s $1.7 billion SAFT offering
  • Court finds that the token issuance likely violates U.S. securities laws under established precedent
  • Order is interim but likely to be reduced to a permanent injunction

The $1.7 billion 2018 fundraising effort by Telegram hit a major snag today when a Federal Judge in New York issued a prelimin