Apr 30, 2020
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TON Blockchain Network Launch Postponed Indefinitely

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By Marko Vidrih on The Capital

The team of Pavel Durov decided to postpone the launch of the Telegram Open Network blockchain platform indefinitely. This was reported by the newspaper “Vedomosti”, citing two sources close to the leadership of Telegram.

In addition, the developers of the Gram token offered investors to return up to 72% of the funds they invested in creating the TON network.

A letter was sent to investors, in which the company stated that it could not give them Gram coins in connection with a lawsuit in the United States. Telegram expects to allocate funds for the payment of debts from its own capital.

The company promises to fully settle with investors if, until the end of April of next year, the launch of the Gram token still does not take place.

Earlier it was reported that Pavel Durov was considering options for distributing digital currency among investors outside the US jurisdiction.

Although experts believe that the company is unlikely to take such a step. Yes, and token buyers themselves are likely to refuse to receive Gram bypassing the court decision.

In the expert environment, there is such an opinion that Telegram is able to continue work on the launch of the token even if it returns to investors about 70% of their funds.

Recall that the total investment in the TON project amounted to $1.7 billion. Durov raised the capital in 2018, but last fall, at the request of the SEC, the court ruled that the placement of cryptocurrency was illegal.

Author: Marko Vidrih

Featured image credit: Pixabay

TON Blockchain Network Launch Postponed Indefinitely was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

Article Categories:
Bitcoin · blockchain · cryptocurrency · investing · Telegram

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