Telegram CEO's 18-Hour Deposition Transcript Is Published Online

Telegram CEO Pavel Durov gave a deposition regarding the company's alleged violation of United States securities law by conducting $1.7 billion Gram token sale in 2018.

SEC uses the 18-hour deposition to continue grill Telegram on how it spent $1.7 billion.

According to the official transcript document, the deposition was held in Dubai and involved Telegram lawyer Alexander Drylewski and SEC official Jorge Tenreiro.

During the deposition, which combined took around 18 hours with breaks, the SEC questioned Telegram extensively on the company's expenses and funding used to set up the firm.

Telegram will distribute some Grams among its devs. Tenreiro further asked the defendants on what percentage of Grams out of the 5 billion tokens in circulation will be held by Telegram's employees upon the launch.

In response, Durov reconfirmed that Telegram will not hold any Grams after the launch of the Telegram Open Network.

Durov funded Telegram between 2012 and 2018 through money from the sale of VKontakte.

According to a deposition transcript acquired by Russian publication The Bell, Durov financed Telegram from his personal expenditure coming from the sale of VKontakte in 2014.

As recently reported by Cointelegraph, Telegram will have to provide its redacted bank records to the court until Feb. 26.

While the legal battle between the SEC and Telegram has been hitting up, some software makers have continued to work on block explorers designed for the TON blockchain.