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George Ma
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Crypto
May 5 11:04

Telegram: U.S. investors will not stay in the TON project for another year

Telegram previously offered TON investors to return 72% of their initial investment or pay out 110% of this amount by next year. However, American investors will not be able to use this last option.
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Telegram informed US investors that they will not have an opportunity to stay in the project for another year. Thus, American investors will not be able to expect a return of 110% of the investment and will only be able to take 72% at the very best. This is stated in a letter sent to investors by the Telegram team. The content of the letter is provided by The Bell, whose two sources confirmed receipt of the document.
In a new letter, the company reconsidered its offer, which it made to investors at the end of April. They were offered two options: a return of 72% of the initial investment or the payment of 110% of that amount by next year. However, U.S. investors will not be able to use the latter option, as stated in the new letter.
"Unfortunately, based on later discussions with the relevant authorities and our lawyer, we made the difficult decision not to use the option associated with Gram or other crypto currency because of the uncertain attitude of the regulatory authorities in the United States," Telegram reported.
Telegram attracted US$1.7 billion of investments to create TON. The launch of the blockchain project was scheduled for October 2019, but U.S. Securities and Exchange Commission (SEC) obtained a temporary injunction in court. Investors, in turn, agreed to postpone the deadline for the launch of TON to April 30 this year, but court hearings are still in progress. On April 24, the District Court of New York recognised Gram as a security and temporarily banned the transfer of tokens to 175 investors who acquired cryptocurrency in early 2018.
Following the court's ruling, Telegram sent a letter to investors proposing a plan to return the funds in the event of a loss in the case. The company's team offered several options - the first of which was a 72% return on the invested funds. As an alternative, investors had the option of obtaining 110% of their initial investment by April 30, 2021.
If Telegram does not receive permission to issue the cryptocurrency by that time, the company plans to repay its debt to investors through the sale of equity.