Telegram Postponed The Launch of the TON Blockchain to April 2021
Kataryna Kovtun May 1, 2020
Telegram postponed the launch of the TON blockchain for the second time, moving it to April 2021. Investors can get up to 72% of their investments back now, or return 110% of their investments in a year.
According to the letter sent to investors, Telegram offers to return to each investor up to 72% of the initial investment. These conditions are similar to those that were agreed with token buyers when the company first postponed the launch of the blockchain in April 2020. Recall that in October last year, the US Securities and Exchange Commission (SEC) accused Telegram of illegally conducting an ICO for $ 1.7 billion.
The company lost a lawsuit against the SEC in March this year. A New York judge supported the position of the Commission and blocked the distribution of Gram tokens. Telegram tried to challenge the decision. However, in early April, the court rejected the company’s request for the distribution of Gram tokens to investors from other countries that are not subject to US securities laws.
In a letter sent out this week, Telegram offered another option for investors who decided to refuse to return 72% of their investments. They can lend their Telegram investments until April next year. In a letter, the company states:
In gratitude for your confidence in TON, we also offer you an alternative way to get 110% of your initial investment by April 30, 2021
Telegram said it “continues to negotiate with the relevant authorities.“ Depending on the progress of the negotiations, investors will still be able to receive “Gram or another cryptocurrency on the same conditions as in their original purchase agreements.”
If regulators continue to block the launch of TON, Telegram will repay the debt at the expense of equity. Referring to the recent increase in the number of Telegram users to 400 million per month, the company believes that “The value of its net worth will exceed the total amount of potential debt for this proposal at least several times.”
QIWI payment service founder Sergei Solonin, who invested $ 17 million in TON, said this was good news for investors:
«The conditions are really good, and I think many investors will prefer to leave their money on Telegram. The company definitely owns good capital. If ultimately Telegram is not allowed to release Gram, I think during this year they will be able to find an investor and pay money to token buyers»
Two fund managers said last week that many investors, especially Silicon Valley venture capital funds, would prefer their tokens to be distributed to be converted into Telegram shares. For some venture capital companies, tokens were a conductor that opened access to Telegram’s share capital.
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