Investors started withdrawing funds invested in TON project from Telegram
According to investors interviewed by the publication, more than 80% of them are in the process of withdrawal from the project. They intend to get 72% of the invested funds.
On April 30, the day of the second deadline, CEO Pavel Durov informed investors of Telegram Open Network that the launch will not take place due to the conflict with the U.S. Securities and Exchange Commission (SEC) and the U.S. court ban on the distribution of Gram tokens.
He offered them a deal, where inverstor were either able to withdraw 72% of the invested funds or sign a new agreement, giving the project an opportunity to launch the network by April 30, 2021. The last option implied either getting Gram or other cryptocurrency at the end of the launch, or a return of 110% of the funds. Durov was even prepared to sell part of his stake in Telegram in case of failure.
Then investors received several more letters, which changed the terms of the deal once again. American investors were denied further participation in the project in a separate letter, leaving only the option to take 72% of the funds. The rest were informed that they would receive nothing in Gram and other cryptocurrencies.
In a subsequent letter, the latter statement was disclosed in more detail. Investors were offered to formalize their investment in TON as a loan at 52.77% per annum to expect a return of 110% of their initial investment in 2021.