(Rejected:1)18-Hour Deposition Transcript of Telegrams CEO Published on the Internet

Pavel Durov, the CEO of Telegram has given a deposition in regards to the company's alleged violation States securities law by carrying out Gram token sale in 2018 to the tune of $1.7 billion.

This deposition was held on January 7 and January 8 in line with a relevant court order. This was done before a court reporter designated by the court reporting service which was engaged by plaintiff represented by the United States Securities and Exchange Commission (SEC).

The 18-hour deposition is being used by the SEC to further grill telegram on how it spent $1.7 billion. Going by the content of the official transcript document the deposition happened in Dubai and was done in the presence of SEC official Jorge Tenreiro and Telegram lawyer Alexander Drylewski. The deposition was held in two phases, the first part of the deposition started on January 7 at 11:21 AM and ended at 10:00 PM the same day, while the second part of the deposition began the next day at 10:23 AM and ending at 06:09 PM, local time.

The SEC carried out extensive questioning on the company's expenses as well as the funding that was used to set io the firm. In response to one of the questions, Duriv replied that the firm intends to continue to spend the funds in a similar way to the budgets from past years:

"My expectation is that we will continue to spend funds in a manner similar to which took place last year or this year — or, yeah, last year and the beginning of this year. So we don't anticipate big changes up until the launch of TON when we expect that certain expenses might go down due to the fact that we will no longer be spending resources on developing and testing TON.”

He revealed that the firm had the intention of distributing some of the gram tokens amongst the devs that work on the project. He added that the firm plans to distribute 4% of Gram tokens amongst its investors, he noted that they were still evaluating the exact figures:

“I can reconfirm that Telegram will not hold any Grams post-launch. We mentioned in the offering materials that we plan to distribute 4 percent of Grams, which should be around 200 million Grams, I believe, among the development team, and we are still evaluating, under the circumstances, whether we would proceed with that initial plan of distributing all or some of those 200 million Grams among the developers that worked on TON.”