Shortly after the deadline for launching the Telegram Open Network (TON) on April 30 was missed, Telegram sent another letter to its investors. In the new letter Telegram reportedly said that US investors from TON will not be able to stay in the TON project for another 12 months.
TON US investors are only eligible for an immediate 72% refund instead of 110% in April 2021reports the Russian news agency RBC on May 4.
Telegramm had to withdraw the 110% option due to regulatory uncertainties in the United States.
The news comes after Telegram offered to repay its investors on April 30.. As reported, the company suggested two options: an immediate refund of 72% or 110% in 12 months. The company offered the second option as a “thank you” for trusting TON and promised to shortly provide a loan agreement to interested investors.
According to an investor letter seen by RBC Telegram had to withdraw the second option for its US investors due to “unsafe attitude from US regulators”.
The court ruled on March 24 against telegram
Telegram had trouble solving regulatory issues with the U.S. Securities and Exchange Commission (SEC). The TON network and its native Gram token (GRM) will start in October 2019.
After Telegram started the project in 2017, it was preparing to launch the TON network in late 2019. However, the SEC found that Telegram’s $ 1.7 billion initial coin offering (ICO) was illegal and argued that the company had violated the United States Securities Act by implementing the ICO.
In March, after a long lawsuit, the US District Court for the Southern District of New York has provisionally recognized that the SEC has a good opportunity to prove that Telegram’s GRAMs were unregistered securities. Consequently Telegram forbidden to distribute gram tokens to investors, at least until the trial. Pavel Durov, CEO of Telegram, offered a repayment plan on April 30 and apparently accepted the court’s decision.
Shortly after Telegram announced the repayment plan to investors, some community leaders criticized the TON project. Mike Novogratz, CEO of Crypto Trading Bank Galaxy Digital and a major Bitcoin bull (BTC), argued that neither TON nor grief was required April, 30th. According to reports, the TON network can be launched by independent auditors regardless of the regulatory situation.
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