To all the people says that they should have just followed security laws, you don't understand the purpose of TON and GRAM. It CAN NOT work if it is a security. The Idea was that Telegram user have a wallet and can store/send GRAMs to each-other Donate/tip and buy stuff. This is not possible/allowed with securities. You can only buy/sell securities form/to regulated exchanges. It completely destroys it's whole use-case.
Anyway they could still do it with some kind of distributed token generation, similar to mining so tokens are generated by the users and not sold. But this obviously would not make the investors happy because they get nothing then.