Daily Management Review

Investors in Telegram refuse to claim money back, decide to wait until April


Investors of both rounds of financing the TON project, by a majority vote, refused to demand a return on the money invested in the project and agreed to wait until the blockchain platform is launched in April, Forbes sources said.

TechCrunch via flickr
TechCrunch via flickr
Investors in the Telegram Open Network (TON) blockchain platform approved the delayed launch of the platform and refused to demand a refund.

The decision was made by investors of both rounds of TON funding by a majority vote, two sources close to the Telegram team told Forbes. Investors agreed that the launch of the platform can be postponed to April 30, and TON will not return money to investors. Now Telegram will be able to spend another $ 80 million of the attracted $ 1.7 billion investment until April.

Forbes sent a request to Telegram representatives. According to a source close to Pavel Durov, the founder, officially the decision of investors will be announced tomorrow, October 24.

Investors in Telegram should have decided whether they are ready to wait for the platform to launch before April or want to return 77% of the amount of investment in the project. Telegram sent a proposal to wait or return a portion of the money to investors a week after the US Securities Commission (SEC) secured a temporary injunction against two offshore Telegram Group Inc. and its subsidiaries TON Issuer Inc. to launch the platform and sell Gram tokens. Because of this, the launch of TON on October 31 was disrupted.

The letter to investors said that the decision to return the funds will be made by a majority vote: if most investors of the first or second round do not agree to sign an additional agreement, their Gram purchase agreement will expire on October 31 and the money will be returned to all investors of this round.

Now, Telegram will have a court hearing scheduled for February 18-19, where Telegram representatives will seek a court decision on the main argument that Gram is not a security. On Monday, October 21, Telegram sent investors another letter stating that company representatives saw the postponement of the hearing from October to February as a positive development.

source: forbes.com