Telegram CEO: Telegram will not hold Gram tokens when TON goes live

According to BlockBeats, Telegram's chief executive Pavel Durov recently testified in court about alleged violations of us securities laws related to the company's $1.7bn IC0 sale in 2018. In an SEC inquiry, he said Telegram would not hold any Gram tokens after the main network went online, and that TON's development team might be able to distribute 200 million grams, but that the figure was still being assessed. However, according to the plan, Telegram will not spend more resources on developing and testing TON this year.

The SEC spent 18 hours grilling Telegram about how it spent $1.7 billion, asking about the company's expenses and money used to set up the company. In response to such a question, Mr. Durov said the company plans to continue spending money in a manner similar to its previous budget. "My expectation is that we will continue to spend money like we did last year or this year (last year and early this year)," he said.

The SEC asked how many grams would be assigned to employees and held by them after the main network launch, and Durov confirmed that Telegram would not hold any grams after the launch of its main network, TON. However, the company plans to allocate 4% of Gram to developers, and has given an accurate figure that they are still "evaluating" : about 4% of Gram, or about 200 million grams, will be allocated to the development team, but the 200 million grams allocated to the development team is still being evaluated.

According to a transcript of The testimony obtained by The Bell, Durov financed Telegram in 2014 through personal expenses related to The sale of VKontakte (VK). (VKontakte is a Russian social media site similar to facebook.) In addition, the number of Telegram employees has not changed much since 2017, with 25 currently "writing programming code," Durov said. It also involved "hundreds of independent contractors".

Original address:https://cointelegraph.com/news/telegram-ceos-18-hour-deposition-transcript-is-published-online

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