Telegram announces new launch date of TON blockchain


It was previously expected that the TON blockchain would be launched on 30 April.

Telegram has announced a new launch date for its blockchain. Photo:

Telegram Messenger postponed the launch of the TON blockchain for the second time, extending it from 30 April 2020 to a year earlier. According to publication Investors can still get 72% of their investment, or return 110% of their investment in a year, citing a letter from the Telegram team.

The fund’s withdrawal conditions are similar to those agreed with token buyers when the company first postponed the launch of the blockchain in April 2020. In October 2019, the US Securities and Exchange Commission (SEC) accused Telegram of illegally conducting a $ 1.7 billion ICO.

The company lost a lawsuit against the SEC in March this year, when a New York judge upheld the commission’s status and blocked the distribution of gram tokens. Telegram tried to challenge the verdict, but in early April, the court denied the company’s request for the distribution of gram tokens to investors from other countries, which are not subject to US securities laws.

In a letter, Telegram proposed another option for investors, who refused to return 72% of their investment. They can lend their company investments until April next year.

Telegram said that it “continues to negotiate with the authorities concerned.” Depending on the progress of the negotiations, investors will still be able to acquire “Gram or any other cryptocurrency on the same terms as the original purchase agreements”.

According to publication MeduzaIn the case of a loss in a US court, Telegram can return money from its own shares to investors, who now belong to the founder of the messenger Pavel Durov. Referring to the recent increase in the number of Telegram users to 400 million per month, the company believes that “the value of its equity for this proposal will be at least several times higher than the potential debt.” In late 2017, Durov told Bloomberg in an interview that he had several times been offered to sell Telegram at a price of $ 3 billion to $ 5 billion.

Summary PAYSPACE magazine

Recall that the US Securities and Exchange Commission (SEC) has called Telegram’s claim that the village token is a commodity, not a security, “an attempt to escape the economic reality.”

The SEC believes that Telegram makes an “artificial distinction” between purchasing tokens and passing them on to customers. According to the information given by the regulator, Telegram’s position is that investors could not buy cryptocurrency, as it was not present at the time of purchase. At the same time, delivery of tokens to customers makes them goods.

Read: Gram and Libra: What are the prospects for Telegram and Facebook crypto projects


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