Telegram Investors Agree Not to Demand Money Back Until TON is Launched
The majority of investors of the Telegram Open Network (TON) in the $1.7 billion Gram token sale have voted against the return of their funds and agreed to postpone the launch of the blockchain network.
Last week, Telegram sent a message to its investors saying it wants to push the launch from the previously set late October 2019 to April 30, 2020.
On Oct. 23, Forbes Russia reported the news, quoting “two sources close to the Telegram team.” The report stated that by majority vote, investors refused to demand a return on the money invested in the project and agreed to wait until the blockchain platform is launched in April 2020.
The change in plan comes following SEC’s recent temporary restraining order against Telegram and TON under “certain emergency relief,” and permanent injunctions, disgorgement with prejudgment interest, and civil penalties.
The court hearing has been previously set in New York on Oct. 24; however, a hearing on the case has now been postponed until Feb. 18-19, 2020. A source close to Pavel Durov, the founder of Telegram, told Forbes that Telegram would announce the decision of the investors today.
Telegram representatives will seek a court decision on the argument that Gram is not a security at the court hearing and sent investors a letter stating that the postponement of the hearing was a positive development.
The letter read:
“The February hearings are different from the earlier scheduled for October 24, because at these hearings they should only consider the possible postponement of the launch of the platform. “We and our advisers will use the time to ensure that at the February hearing the position of Telegram is presented and supported as much as possible.”
Image via Shutterstock