In 2018, the Russian entrepreneur and creator of the Telegram cross-platform messenger, Pavel Durov, announced the creation of TON blockchain platform and the Gram cryptocurrency. It seemed that this project would be able to outperform the digital currency market. How are things going with TON and Gram right now?
To begin with, it should be reminded that Pavel Durov managed to attract more than $1.7 billion of investments after two rounds of ICO, according to unofficial data. The company has initially planned to conduct a public ICO, but then changed its mind and chose investors on its own.
WorldPress creator Matt Mullenweg, Foursquare co-founder Navin Selvadurai and fashion billionaire Silas Chou are among those who invested in the project. It is known that large Russian businessmen also invested in TON — Qiwi founder Sergey Solonin, ex-co-owner of Wimm-Bill-Dann David Yakobashvili and billionaire Roman Abramovich, who invested about $300 million.
Initially, the blockchain platform and cryptocurrency was planned to be launched before October 31, 2019, according to its White Paper. But on October 12, the U.S. Securities and Exchange Commission (SEC) reported about the filing a complaint against Telegram Group Inc and obtain a ban on Gram cryptocurrency release through a court later. Why did it happen? The Durov team has not registered Gram tokens as securities. In connection with the lawsuit, the launch of TON was delayed until the spring of 2020.
Due to the fact that permission to launch TON was not received until May 1, the Telegram team sent investors a letter, the contents of which were cited by The Bell. It transpires from the file that investors were offered several options of returning the invested funds. The first option is to return 72% of the investment size. The second — if the approval for issuing the cryptocurrency is not received before April 30, 2021, 110% of the initial investments will be returned to each investor. According to The Bell, the Telegram team asked investors to give an answer before the end of this week.
But, according to The Bell, the Telegram team just sent another letter to American investors in which they say that they would be able to return only 72% of the invested funds “due to the uncertain attitude of regulatory authorities in the United States.”
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