Telegram TON Project Investors Reject Refund Offer

Investors in both rounds of financing the TON project by a majority vote refused to demand a return on the invested money in the project and agreed to wait until the blockchain platform was launched until in April.

October 24, 2019, | AtoZ MarketsInvestors in the Telegram Open Network (TON) blockchain platform approved the delayed launch of the platform and refused to demand a refund. Investors decided on both rounds of TON funding by a majority vote. Investors have agreed that the launch of the platform may be postponed until April 30, and TON will not return money to investors. Now Telegram will be able to spend another $ 80 million on the investment attracted $ 1.7 billion until April. Officially the investors’ decision will be announced on October 24.

Telegram Sent A Proposal

On October 23, the deadline expired when Telegram investors had to decide whether they were ready to wait for the launch of the platform before April. Or if they wanted to return 77% of the amount of investment in the project. Telegram sent a proposal to wait or return some of the money to investors. A week after that, the US Securities and Exchange Commission (SEC) obtained a temporary injunction against two offshore Telegram Group Inc and Ton Issuer Inc. It is to launch the platform and sell Gram Tokens. For this reason, the launch of TON on October 31 was interrupted.

The letter to investors says that a majority vote will decide to return the funds. If most investors in the first or second round do not agree to sign an additional agreement, their Gram purchase agreement will expire on October 31. And the money will be returned to all investors in this cycle.

Read More: SEC Telegram Token Lawsuit Affects TON Launch Date

Telegram Will Have A Court Hearing

Now, Telegram will have a hearing scheduled for February 18-19, where Telegram will query a court ruling on the main discussion that Gram is not a security. On Monday, October 21, Telegram sent investors another letter stating that the company’s representatives considered the postponement of the trial from October to February as a decisive development.

The hearings in February are different from those scheduled for October 24, because during these hearings, they should only take the possible postponement of the launch of the platform. 

In total, TON raised $ 1.7 billion from 171 investors (two rounds of $ 850 million each). Some Russian investors in TON said they would not demand the return of funds invested in the Durov project.

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