The Securities and Exchange Commission's settlements with Telegram Group and its wholly owned TON Issuer over the company's unregistered offering of digital tokens called "Grams" receive court approval.Under the settlements, the defendants agree to return more than $1.2B to investors and to pay an $18.5M civil penalty.On Oct. 11, 2019, the SEC filed a complaint against Telegram, alleging that the company raised capital to finance its business by selling ~2.9B Grams to 171 initial purchasers worldwide.The SEC sought to preliminarily enjoin Telegram from delivering the Grams it sold, which the SEC alleged were securities that had been offered and sold in violation of the registration requirements of the federal securities laws.On March 24, 2020, the U.S. District Court for the Southern District of New York issued a preliminary injunction barring the delivery of Grams and finding that the SEC had shown a substantial likelihood of proving that Telegram's sales were part
