Pavel Durov , Chief Executive Of Messaging App Telegram , Testified About The Company’s $ 1.7 Billion Sale Of Gram Tokens For Alleged Violations Of U.s. Securities Laws .
Pavel Durov , Chief Executive Of Messaging App Telegram , Testified About The Company’s $ 1.7 Billion Sale Of Gram Tokens For Alleged Violations Of U.s. Securities Laws .
According To Cointelegraph, According To Relevant Court Orders, Durov Took Testimony In Dubai On January 7 And January 8, Telegram Lawyer Alexander Drylewski And Sec Official Jorge Tenreiro Participated In The Testimony.
For A Total Of About 18 Hours, The Sec Asked Telegram Extensively About The Company’s Fees And The Funds Used To Form The Company. Durov Said The Company Plans To Continue Spending Money .
In A Manner Similar To Previous Years’ Budgets, And Said, “My Expectation Is That We Will Continue To Spend Money In A Similar Manner To Last Year Or This Year.
Therefore, We Do Not Expect To Launch In Ton There Will Be Big Changes Before, As We Will No Longer Spend Resources On Developing And Testing Tons, So We Expect Some Costs To Decrease. ”
Tenreiro Further Asked The Defendant What Percentage Of Telegram Employees Held 5 Billion Gram Tokens In Circulation At The Time Of Issue. Durov Stated That Telegram Will Not Retain Any Gram Tokens After The Launch Of Ton.
Durov Added That The Company Plans To Distribute 4% Of Gram Tokens Among Its Developers, Noting That They Are Still “Assessing” The Exact Number.
According To A Recorded Transcript Obtained By The Russian Publication The Bell, Durov Funded Telegram With The Proceeds From The Sale Of Vkontakte (Vk) In 2014.
The Number Of Employees At Telegram Has Not Changed Much Since 2017, With 25 Employees “Writing Code”. Nevertheless, Durov Mentioned The Existence Of “Hundreds Of Independent Contractors”.
According To The Court’s Latest Order, Telegram Must Provide The Court With Its Edited Bank Records By February 26.
