Telegram Group Inc. may have to pay millions of dollars in penalties after terminating its Telegram Open Network Project if a proposed final judgement filed by the Securities and Exchange Commission on Thursday, June 25 is approved by the courts, according to case documents.

Telegram is on the hook for $1.2 billion disgorgement, most of which will go towards paying back individuals who invested in the Open Network Project. The SEC argues that Telegram is also liable to pay an $18.5 million civil penalty within 30 days of the proposed judgement.

The Telegram Open Network Project and linked Gram tokens were cancelled in May following a battle with the SEC.

By Emily Mason