TON Blockchain Platform Release Date Postponed Indefinitely
Pavel Durov offered to return 72% of the invested funds to investors, since the TON blockchain platform will not start working on April 30. The launch of the platform has been postponed indefinitely, two people close to Telegram told Vedomosti.
"Unfortunately, in light of the recent decision of the US district court, we cannot issue you a Gram until April 30," the letter, which was received by the project's investors, reads.
Initially, the launch of the platform was supposed to take place in October 2019, but then the Us securities Commission initiated legal proceedings, demanding to recognize that the Gram cryptocurrency is securities. The launch of the platform was postponed, and Durov promised investors to return 72% of the initial investment if the platform is not launched by April 30, 2020.
As an alternative, Durov offered investors the opportunity to receive 110% of the initial invested amount by April 30, 2021, which is 53% higher than what they can get now.
Telegram continues to participate in discussions with the relevant authorities, the letter says. According to the document, if the relevant permissions are not received by April 30, 2021, Telegram promises to repay the debt using the proceeds from the sale of the company's equity, which is currently owned by its founder Durov.
At the end of April 2020, Durov said in the official telegram blog that now the messenger has 400 million users per month, and the natural growth is 1.5 million people per day.
On March 24, 2020, the court of the southern district of New York recognized Gram tokens as securities and prohibited them from being transferred to buyers who purchased the rights to them at the ICO in early 2018. The court agreed with the position of the US securities and exchange Commission (SEC).
The SEC believes that the Creator of Telegram Durov knew and understood that " buyers will not want to pay $1.7 billion to purchase the Gram cryptocurrency simply as a means of storing or transmitting value." Therefore, according to the SEC, Telegram developed a scheme that would maximize the number of funds invested by initial investors and created a structure that allows these buyers to maximize the benefits they receive when reselling their tokens on open markets.
The Telegram Open Network (TON) blockchain platform was conceived by Durov as a global ecosystem with its own cryptocurrency (Gram), which can be used to pay for goods and services. Durov expected that the launch of TON will mark the beginning of a new, decentralized economy on the Internet, and Gram will be a serious competitor to bitcoin and Ethereum – for this, the platform's creators have attracted $1.7 billion in investments from around the world.
Well-known investors in the TON blockchain platform include Russian entrepreneurs Roman Abramovich, Sergey Solonin and David Yakobashvili, funds and businessmen from Silicon valley, Asian entrepreneurs, and members of the Durov fan club, such as Hollywood actor Jared Leto.