After missing another deadline for delivering its cryptocurrency TON network on April 30th, messaging platform Telegram postponed the launch for another year, pushing it to April 2021.
However, Telegram team issued a letter to investors who helped the company raise almost $2 billion during the ICO back in 2018. Investors were offered an option of an immediate 72% refund, or, if they agree to “loan” their existing stake to the company for one more year, to make amends of 110%.
The letter said: “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 offer got mixed reactions: on one hand, Telegram wasn’t able to launch the network because of the SEC decision. The commission considered the way that the GRAM token sale was conducted a violation of securities law. And on March 24th, the initial preliminary injunction was left in place – which means that TON can’t go live.
On the other hand, with this lawsuit, the odds are so far not in Telegram’s favour.
Michael Novogratz, CEO of Galaxy Digital and one of the most prominent Bitcoin prophets, expressed a sceptical stance to Telegram’s project. He tweeted: “Telegram should enable btc and stable coins on their platform. We don’t need another blockchain. We don’t need another crypto. They have an awesome community of messaging users. Turn them into consumers now.”
Coindesk cited one of TON investors: “The terms are really good, I think a lot of investors will choose to keep their money in Telegram. There is definitely capital value there, and even if Telegram will ultimately not be allowed to issue grams, I think, in the course of this year [it] can find an investor and pay the money back.”
Russian media outlet Kommersant also cites GRAM holders, noting that Telegram’s credibility has been seriously damaged, but the situation could be far worse if Pavel Durov decided to launch his notorious project despite the SEC claims.
Photo: A.Gnetova & G.Pan