The Bell: TON investors are afraid that Telegram will return funds only to U.S. citizens and will release Gram bypassing the injunction
Investors of the blockchain platform TON are afraid that Telegram will not return their money, The Bell writes with reference to four of them.
By April 30, 2020, according to an agreement with investors, the company must either launch TON and Gram cryptocurrency or return the money. One of The Bell's sources said that the company is talking about 72% of the US$1.7 billion raised for the project.
Investors believe that the most likely scenario is the release of Gram crypto outside the U.S. and the returning the money only to American partners.
In case of Gram cryptocurrency release, investors will be under attack, two of them told the publication. The American court issued a preliminary ban on the issuance of cryptocurrency not only in the U.S., but also in other countries. In this case, investors will be able to either give up Gram or become complicit in the offense, said another investor.
Few people will want to buy Gram, one of the sources told the The Bell: even if the fund is registered in another jurisdiction, banks will not cooperate with those who own unofficial currency and violate U.S. law.
Investors did not receive any information from Telegram, the company did not respond to The Bell's request. "In general, communication with TON investors has always been extremely opaque," one investor told the newspaper.
At the end of March, a New York court upheld the position of the U.S. Securities and Exchange Commission and recognised Gram as a security by temporarily banning the sale of cryptocurrency. The regulator believes that Telegram has no right to launch a blockchain platform because it has not registered Gram. The company planned to launch TON by October 31, 2019, but due to the intervention of the authorities, it postponed the deadline to April 2020.