Telegram’s GRAM token sale has been touted as one of the hottest token sales of 2020, but not everything is going according to plan. The SEC took another swing at Telegram’s banking records and it was forced to hand them over. Now, as a result, Liquid – a popular Japanese crypto exchange – has announced that it’s going to pull the plug on the sale of the GRAM token through its platform.
The SEC Getting in the Way
Unfortunately, the SEC doesn’t always have the best effect on projects when it begins investigating them. For Telegram, the SEC has scared off Liquid and according to an announcement on its website, Liquid didn’t state an official reason, but there is more than enough reason to speculate that it’s due to the ongoing investigation. All funds stored in escrow will be returned to all of the buyers in the coming days – so don’t worry if you have funds locked away.
GRAM Isn’t Even That Good
If you were hoping to get rich quick off GRAM, we’ve got some bad news for you – it’s not going to happen. Telegram has stated that investors should not expect any profits from tis investment and that it’s simply a token to use the TON network. Unlike many other tokens that launch, GRAM is intended to act as a medium of transfer, not investment. So, if you were hoping to buy some GRAM and make a fortune, you will have to simply swap it with other Telegram users for funky content.
Liquid is one of the first exchanges to pull the sale of the GRAM token, but if the SEC carries on meddling with Telegram’s affairs, we could see more exchanges ditch the sale of GRAM to avoid the SEC digging into their affairs!