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The U.S. Securities and Exchange Commission filed an emergency action against Telegram to block its $1.7 billion blockchain token offering after claiming the company failed to register its offerings and the token sale. So reports TechCruch.

Telegram allegedly sold 2.9 billion tokens to 171 investors at a discounted price. The tokens were expected to be delivered to buyers by Thursday, Oct. 31.

Read the full article from TechCruch.

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