Encrypted messaging platform Telegram will not pay the refund in tokens for its American TON investors.
American investors in Telegram Open Network (TON) blockchain project will only be able to get an immediate 72% refund. Another option – the ability to get 110% repayment until April 2021 – is now canceled for the US users.
The saga of the encrypted messaging platform Telegram began when the company failed to launch its TON blockchain on a promised April 30. Telegram has raised $1.7 billion in funds during the 2018 token sale for its upcoming blockchain project. In case of failure, the messaging giant always promised to return payments for investors.
However, the launch date has passed. And since TON blockchain is still unavailable, American investors seem to lose the option of the bigger refund amount, claims Russian news agency on RBC on its report May 4 report:
Telegram told US investors that they would not have the opportunity to stay in the project for another year. Thus, American investors will not be able to count on a return of 110% of the investment and only be able to withdraw 72% of the investment.
The RBS claims to have a copy of a letter from the Telegram team, which has been confirmed by one of TON investors. If the letter is authentic and true, this means Telegram recalls its previous proposal for American investors.
The latter announcement from Telegram appeared on its platform on April 30. The statement said at a time, that American investors will be able to choose between two different refund options.
We are hereby honouring our plan communicated to you in October 2019 to repay 72% of your original investment. As a token of gratitude for your trust in TON, we are also offering you an alternative option to receive 110% of your original investment by April 30, 2021, which is 53% higher than the Termination Amount.
The company even offered a loan agreement to the American investors, who choose to get a 110% refund in Telegram’s native Gram (GRM) tokens after twelve months.
In case trading of Gram tokens won’t be allowed before April 2021 in the United States, Telegram will repay by selling a share of the company, owned by founder Pavel Durov.
However, the latest Telegram decision leaves American investors with only one refund option. According to RBS, the company made it “due to the uncertain attitude of the regulatory authorities in the United States”.
Launch of TON blockchain delayed twice
Telegram Open Network and its native Gram (GRM) token were supposed to start performing last October. However, due to the lawsuit with the US Securities and Exchange Commission (SEC), the launch was postponed until April 30 this year.
The company is struggling with the American regulatory, as SEC claims that Telegram’s token sales violate the federal law of securities. This means the company is accused of selling its tokens as unregistered securities. In the meantime, the company is prohibited from issuing its own GRM tokens.