Sale of Telegram’s Token GRAM on Exchange Liquid Is Not Official: Source

Liquid’s intention to sell encrypted messenger Telegram’s token, GRAM, is not connected to the company, a source close to Telegram told Cointelegraph in private comments on June 11.

As Cointelegraph reported earlier Tuesday, cryptocurrency exchange Liquid had announced that on July 10, it would be the representative of sales of Telegram’s GRAM tokens for Gram Asia. Gram Asia is allegedly the largest holder of the token in Asia, Liquid’s press release notes: however, a source close to Telegram noted that it was the first time that they had heard of Gram Asia.

The source close to Telegram has stated to Cointelegraph that there was no relationship between Liquid and Telegram.

In separate comments, an investor in Telegram’s token told Cointelegraph that no one has rights to sell the tokens before their official launch, according to an agreement that all investors signed.

According to the aforementioned purchase agreement for GRAM's — also reviewed by Cointelegraph — purchasers of GRAM tokens are not allowed to sell the tokens during a restricted period from the date of the purchase agreement to 18 months after the TON launch date.

According to the document, the purchaser is also restricted from entering into a swap or agreement that transfers the ownership of an investment contract in GRAM tokens, in whole or in part. The document states that GRAM token purchasers agree not to:

“ENTER INTO ANY swap or other AGREEMENT THAT TRANSFERS, in whole or in part, ANY OF THE ECONOMIC CONSEQUENCES OF OWNERSHIP OF THE INVESTMENT CONTRACT represented by this Purchase Agreement or any Tokens.”

Telegram had conducted two private token sale to accredited investors last year, reportedly netting a total of $1.7 billion. At the time, multiple reports of fake Telegram token sale websites were reported, some using the already-leaked white paper to lend authenticity to the scam.