Telegram has postponed the launch of its Telegram Open Network (TON) blockchain – this time by one more year. As a result of the delay, Telegram is offering investors a 72% refund.
April 30, 2020 | AtoZ Markets – Encrypted messaging app giant Telegram has postponed the launch of its TON blockchain for a second time on April 29. Telegram also announced to offer to return up to 72% of each investor’s stake. Telegram first postponed the launch of TON in October 2019. But now, it has postponed it for the second time till April 30, 2021. The company had raised $1.7 billion in the initial coin offering back in 2018.
Telegram makes an offer to its TON investors
Back in October 2019, when Telegram was a few weeks away from launching its gram tokens and its blockchain network TON, the US SEC filed a lawsuit against the company for conducting an illegal ICO.
TON is offering its investors an alternative option to receive 110% of the original investment by April 30, 2021. The offer is 53% higher than the Termination Amount, or investors can take 72% of their stake now. The company was scheduled to launch TON today after SEC filed the lawsuit back in October 2019. Telegram also informed that they are engaging in discussions with the relevant authorities to launch TON.
Telegram will repay the debt using the equity
The company further informed that if regulators continue to block the launch of TON, Telegram will repay the debt using the equity. Currently, the founder and CEO of Telegram is Pavel Durov. Citing Telegram’s recent growth to 400 million monthly users, the company believes that the equity value will exceed the aggregate amount of its potential debt resulting from this offer by at least several times. Reportedly, the company had been planning to launch the project just days before the final decision to postpone.
The ton.org website also went online, duplicating the information earlier published on the test.ton.org, which contained code for the TON testnet. TON investors and developers launched a TON Community Foundation, which is an informal group that has been planning to launch its own fork of TON in case Telegram failed to do so.
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