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SEC Comes After Telegram’s Token Sale Days after Settling with EOS

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The Security and Exchange Commission SEC has filed a temporary restraining order against Telegram Inc and it’s blockchain focused subsidiary TON Issuer Inc.

In a press release dated 11th October, 2019, the SEC announced it also filed an emergency action against both organizations.

The action comes days after the SEC settles the block.one’s EOS blockchain project for school $24 million after raising about $4 billion in a token sale that lasted for a year.

In an investigation conducted by Daphna A. Waxnan, Morgan B. Ward Doran and John O. Enright of the SEC’s Cyber Unit, the action is based on an alleged sale of unregistered, ongoing digital tokens offered to citizens of the United States and overseas which has raised over 1.7 billion dollars.

In January 2018, Telegram commenced it’s token sale to fund the development of its blockchain project, the Telegram Open Network TON which will have its own native cryptocurrency, the GRAM.

Based on the PR by SEC, Telegram and its subsidiary sold about 2.9 billion gram tokens to investors from all over the world.

The sale was made amongst others globally to 39 United States investors with the promise to deliver in the development of the product, the TON Blockchain by the end of the first month of the fourth quarter of 2019.

At the launch, investors held the promise that the gram token will then be available for purchasers on cryotocurrency exchanges.

The complaint was that Telegram didn’t seek regulatory approval before the sale of its digital tokens thus Telegram it’s and the subsidiary sold unregistered securities; in clear violation of the provisions in Security Acts of 1933, reported SEC.

According to Co-director of the SEC’s Division of Enforcement, Stephanie Avakian, the emergency action is to prevent the ‘flooding’ of the United States market with illegally sold digital assets.

She was quoted saying, “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors and management that the securities laws require.”

Another SEC Co-director Steven Peiken said “Telegram seeks to obtain the benefits if s public offering without complying with the long-established disclosure responsibilities designed to protect the investing public.”

Telegram nor its subsidiary has released a response to the action as at Press time.

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Charles Hoskinson Defends Cardano From those who doubts its future

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Charles Hoskinson, creator of blockchain project, Cardano defends the project from critics and people doubts and undermine the prospect of the project.

Cardano is an open source blockchain platform with its native token, the ADA. Cardano is based on peer reviewed research and was created entirely from scratch as opposed to other platforms that are based on the fork of other blockchains.

In a YouTube AMA session, the creator defended the project saying 200 people are currently working on the platform with 100 specifically focused on ADA, the native cryptocurrency of the Cardano blockchain.

Charles talking about people who doubt the future of the project said “I guess some people would like to pay attention to fake news. They would like to pay attention to the latest sycophant or provocateur of the week, and they don’t seem to understand that these are among the most complicated of protocols to implement.”

The Cardano creator was describing the process of development the blockchain and cryptocurrency, said There is no code we can copy, there is no source base to fork from, and we are doing very hard things.

…We are not missing deadlines, the project is going well […] the credentials and qualifications of our engineers are clear, and it’s clear to see the quality of the software, as evidenced by the fact that 13-year old children in Wyoming were able to get stake nodes running on Raspberry Pis”

The co-founder of Ethereum continued saying “..And when you do very hard things based upon science and it’s new occasionally you have issues.”

Defending himself after a viewer questioned him regarding his employment life, Charles quickly replied he had not been fired many times. Instead he took a buyout with Bitshare because he couldn’t work with Dan Larimer.

Commenting on him leaving Ethereum, the co-founder said, there was a decision to go the profit route or remain non-for profit. Others decided the latter and so, he had to leave.

And not him only, others also left and founded their own companies that are currently competing with the second largest blockchain platform by market capitalization, Ethereum.

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Telegram Replies SEC, Telegram Blockchain could be Delayed

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Telegram Open Network developers has finally responded to the lawsuit filed by the US Security and Exchange Commission SEC against Telegram Inc and its subsidiary.

In a press release dated 11th October, 2019, the SEC filed a suit against TON and Telegram for allegedly carrying out the sale of unregistered securities to 39 citizens of the United States after an investigation led by SEC’s Daphna A. Waxman et al.

The sale which according to SEC saw the firm raises funds from domestic and foreign investors amounting to over $1.7 billion.

The funds were raised to finance the development of the TON Blockchain which will be launched by the 31st of October, 2019 through the sale of the Gram token

SEC revealed Telegram didn’t seek regulatory approval before the sale of its digital tokens thus Telegram sold unregistered securities in clear violation of the provisions in Security Acts of 1933.

Stephanie Avakian, a Co-director in SEC was quoted saying “We alleged that the defendants have failed to provide investors with information regarding the Gram and Telegram’s business operations, financial condition, risk factors and management that the securities laws require.”
Based on letter sent to investors, Telegram Open Network talked about the situation and possible solutions to the issue.

According to the letter shared to U.Today, the developers revealed they have been in communication with the regulator for a year and a half. They also have received feedback on the TON blockchain.

Commenting on the lawsuit by the SEC, they said“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances, and we disagree with the sec’s legal position.”

Speaking on the way forward, the letter reports Telegram saying “We are continuing to evaluate the best means by which to resolve the situation in the interests of relevant parties, including but not limited to assessing whether to seek to delay the launch date.”

Telegram was scheduled to launch it’s blockchain by the end of October, 2019. It could be delayed if SEC and TON cannot find a common ground.

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First of its Kind in Africa: SisiPower to Empower the ‘African Sisi’ with $1m Entrepreneurial Grants and 150m Anion Sanitary Pads to women and the less privileged girl-child in Africa

Sisipower is committed to positioning the African sisi and equipping HER with one of the most trending innovative skills and technology, which is blockchain.

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Sisibox -Nigeria's first Sanitary Product powered by the Blockchain

Sanitary pads which is supposed to be readily available and affordable to every girl or young woman in Africa is not. Though we have some sanitary pad brands in the market, it’s just that many of these girls and women can’t afford to buy and use them for their monthly menstrual circle. In order to get these pads, these young women find themselves in despicable situations where they are forced to have sex with the chemist or shop keepers who sells these items. They are also exposed to having sex with any available male in exchange for sanitary pad. So sad that girls have to sell their dignity just to get a paltry sum of money to care for their monthly period.

It is also not new as research shows that many girls especially in public secondary schools miss class during their menstrual period. They do this as a result of the fear of being shamed by boys and girls alike for the blood stains that reflects at the back of their skirts. Not only that, some of these girls, if at all they try to come, end up using unhygienic materials like dirty clothes or tissue papers. And while they are away from school they miss out on academic lessons which affect their overall academic performance and deny them of better future prospects.

A look at our female prisons wards, tales of woes, agony and pains as another worrisome situation is brewing there. In the prisons, we have a situation where about five female inmates have to share one sanitary pad. Thus exposing them to all manners of highly contagious disease and infection.

Some of these girls and women when interviewed say, “we can’t afford to eat three square meals how much more buy a sanitary pad.”

In putting an end to this problem which have skipped the eyes of many, BEEP Foundation, a concerned non-governmental organization launches SISI POWER, a campaign to empower indigent women and girls with 1 million Dollars and 150 million sanitary pads across Africa, though starting from Nigeria.

This cash will be given as business grants to indigent women, after proper training. Also, they shall be mentored by successful business women and the foundation to ensure they make better use of the grants given to them.

For girls, they shall have access to free monthly sanitary pad and access to Blockchain Technology, ICT and life skills training which makes it possible for them not to sell themselves short just for sanitary pads. They will be trained in the following areas; Coding, Mobile App Development, Animation, Digital Marketing, Graphic Designs and other relevant courses that ensure for their self-sustenance, productivity.

With this innovative gesture, BEEP Foundation through the launch of Sisi Power has placed itself at the forefront of poverty eradication, entrepreneurial empowerment of Girls and Women in Africa.

The narrative has to change , Sisipower is committed to positioning the African sisi and equipping HER with one of the most trending innovative skills and technology, which is blockchain. SisiPower leads the way in its application of blockchain technology by enabling acceptance of donations in BMCTokens and made provision for acceptance of a smart contract shared Master-Node Equity reward on the blockchain to support and sustain the vision and mission of sisipower.

Sisi Power is an initiative of Beep Foundation, a foundation geared at providing empowerment and innovative development in Africa.

Operations Head Office : 15 Yinusa Adeniji street off Muslim Avenue ikeja lagos Nigeria. www.sisipower.org. Info@sisipower.org.

A few members of the executive team were unveiled at the event.

Amb. Dr GIlead Okolonkwo - Brain and Founder of the Sisipower Initiative

Amb. Dr GIlead Okolonkwo – Brain and Founder of the Sisipower Initiative


Dr Chinwe Ikpe- Global Director of grants and Operations

Dr Chinwe Ikpe- Global Director of grants and Operations SisiPower


Dr Stephany Nwanmah - Global Director of Strategy and Partnership Sispower

Dr Stephany Nwanmah – Global Director of Strategy and Partnership Sispower

This launch happened on Saturday, 28th September, 2019, at 10:00am at the ZAAZ Hotels, Ikeja, Lagos.

Find Photos of the event here

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Abuja Blockchain & Digital Assets Conference 2019

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Blockchain being one of the most disruptive technologies which we see today provides us with solutions which have the potential to make government operations at different levels more efficient and improve the delivery of public services, while simultaneously increasing trust in the public sector.

In order to achieve this, there is a serious need for sensitisation of key individuals who have the capacity to implement these changes and make them work for the public, gaining access to the right people at the federal, state and local government levels engaged, excited and educated about the technology. Once the right people understand the promise of blockchain, existing problems that can be better solved through blockchain-based solutions instead of the existing technology infrastructure, then we can start retooling government processes.

To this effect all these and more would be addressed at the upcoming Abuja Blockchain & Digital Assets Conference 2019, this will be the eighth edition curated by Blockchain Nigeria User Group and it will bring together experts, industry stakeholders, thought leaders as well as the academia. They will come together and brainstorm on how blockchain and other emerging technologies of the fourth industrial revolution can be leveraged by the Nigeria government and her agencies for improved public service delivery.

Some of the expected Keynotes and Special Guest include:A Full List of Confirmed Special Guests, Keynotes, Speakers and Platform Presenters that would attend this event include:
1. Hon. Femi Gbajabiamila, Speaker HoR. Nigeria
2. Prof Kingsley Mughalu, UN Ambassador and Former Deputy Governor CBN
3. Honourable Solomon Adaelu, Member of the House of Representatives of Nigeria
4. Isa Pantami, Hon Minister of Communications
5. Kashifu Inuwa Abdullahi, DG NITDA
6. Joshua Hawley, Blockchain Advisory Mauritius
7. Abubakar Umar, Co-founder & CEO, Cynotrust Intelligent Systems
8. Bola Ajomale, MD NASD OTC Securities Exchange
9. Bolaji Onibudo, CEO Xendbit DEX
10. Emmanuel Darko, BDM Africa at VITE Lab, Silicon Valley
11. Davidson Oturu, Senior Partner Aelex
12. Adebayo Adebajo, MD Jelurida Africa
13. Deji Soetan, Managing Partner BAM Technology
14. Eloho Oyinvbi, CEO BFE Investment International
15. Dr. Leonard Eze, Bitcoin Maximalist
16. Germaine Ifudu, CEO First Kudi Exchange
17. Jamila Umar, Federal Ministry of Finance
18. Mohammed Ibrahim Jega, Founder Startup Arewa, co-founder Domineum.io
19. John Kamara, MIIA Cortex Africa
20. Abdulsalam Umar, Blockchain Solutions Architect
21. Khadijat Abdulkadir, CTO, Africa Prudential
22. Luke Kim, CMO Vite Lab, Silicon Valley
23. Emomotimi Agama, HOD Exchange Registration & Licensing SEC Nigeria
24. Victor Akoma-Philips COO Kubitx
25. Yahaya Maikori, Senior Partner, Law Allianz
26. Abekure Tega, CEO KurecoinHub
27. Chiagoziem Iwu, CEO, Naija Crypto
28. Franklin Peters. CEO Bitfxt
Age Beeka, Song Writer/ Musician for Live Entertainment & Performance.
Product Exhibition
1. NaijaCrypto
2. Bitfxt
3. KurecoinHub
4. Vite Labs
5. First Kudi Exchange
6. Payfty
7. BFC Investment International
8. Quanta
9. Jelurida Africa
10. Xendbit
11. NiMEDix
12. SuperExchanger
13. Sabiii Exchange

Amongst other Keynote speakers

Agenda: The Blockchain Trust-Architecture for Governance and Public Service.

How those currently in the Blockchain Trenches operate along with challenges and insights

Security, Risks and the future possibilities of blockchain technology

Date: 4-5 October 2019

Venue: Sheraton Hotels, Abuja Nigeria.

Visit here for more information about this event

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