Telegram told U.S. investors of the Telegram Open Network (TON) blockchain platform that they would be given back 72% of the investment. About it writes The Bell with reference to representatives of investors.
The company was supposed to launch its own TON blockchain platform with the Gram cryptocurrency on April 30, 2020, but the developers did not have time to do this. At the end of April, the company offered all investors of the TON blockchain platform a money-back plan – they could now receive 72% of the invested funds, or 110% of the initial amount by April 30, 2021. In the event that TON is launched next year, investors will receive their shares in Gram.
However, letters were sent to the American investors of the company that they could only get the option to receive money now due to legislative restrictions. The company sent letters to the rest of the investors, in which they proposed to conclude new agreements if the investors prove that they are not US residents.
“Unfortunately, based on recent discussions with the relevant authorities and our lawyer, we made the difficult decision not to use the option associated with Gram or another cryptocurrency, due to the uncertain attitude of the relevant regulatory authorities”.
From a Telegram letter
Telegram representatives asked all non-US investors to confirm their jurisdiction before 17:00 on May 5, London time, and to send all signed documents before May 11.
Initially, Telegram planned to launch TON and Gram tokens by October 31, 2019, but the U.S. Securities and Exchange Commission (SEC) secured a temporary injunction against the sale of Gram and accused the company of illegally selling cryptocurrency. After that, the company postponed the launch of the platform to April 2020, hoping to stop the lawsuit by this time, however, hearings around the launch are still ongoing.