The Gram sale orchestrated by Telegram also affects the cryptocurrency industry. For Liquid, a popular exchange, it caused them quite a bit of financial problems.
Unlike other trading platforms, Japan’s Liquid decided to let investors get exposed to Telegram’s Gram token.
Liquid Makes the Right Decision
That was a risky decision, as this token hasn’t been issued.
Nor will it be in the near future either.
Unfortunately for Liquid, this means they have to refund investors accordingly.
The token sale was canceled late last week, following Telegram’s TON announcement.
That blockchain has yet to be launched officially, thus there are no Gram tokens either.
During the sale, the exchange raised just over $4.1 million in a few days time.
All of that funds is still stored in an escrow wallet, for security purposes.
With the token sale now being cancelled, all investors have received a full refund.
In the end, it is the most plausible course of action for all parties involved.
The bigger question is what will happen to TON and Gram.
For now, Telegram is not closer to launching its mainnet.
In fact, the company is in the SEC’s crosshairs over its token sale as well.
The agency claims that these tokens were sold as unregistered securities.