Their lawyers were Skadden-Arps. They are not dumb. The ultimate outcome of this is still TBD. It's entirely possible that Telegram will settle and be able to

Their lawyers were Skadden-Arps. They are not dumb. The ultimate outcome of this is still TBD. It's entirely possible that Telegram will settle and be able to release their coin, it's a question of how much of the money they will have to disgorge and what penalties the SEC will impose to extract that settlement. Telegram raised a TON of money, so I expect they will eventually get to a settlement. It's really just a question of what terms. Depending on those terms, their strategy was either a bad or good decision.