Telegram CEO refutes SEC view, saying token sale is not for fundraising purposes

Telegram CEO Pavel Durov dismissed SEC lawyer Jorge Tenreiro's claim that Telegram's 2018 token sale was to supplement cash reserves. The allegation is also a core part of the SEC's argument in Telegram's sale of unregistered securities.
In an 18-hour witness statement, Durov countered: "Usually, I don't separate my personal savings from Telegram's needs. If I see Telegram needs more resources, I will be happy to increase Invest because I am a person who does not want to own any real estate. "Durov claims that selling Gram tokens to investors is not to raise funds for the company, but to ensure that enough tokens are pledged to ensure TON's PoS blockchain network stability.