Telegrams TON ICO delayed due to US court ruling - investors are given an option for a refund

• With the launch of TON missing its deadline for the 30th of April, telegram has offered its investors an immediate 72% refund or 110% refund this time next year.
• The platform has seemingly accepted a US court ruling stating the company cannot distribute its tokens or launch the TON network.

With the launch of TON missing its deadline for the 30th of April (today), the telegram platform has offered its investors an immediate 72% refund or 110% refund this time next year.

The messaging platform has seemingly accepted a United States court ruling stating that the company cannot distribute its tokens or launch the TON network until all issues have been resolved.

The deadline for the launch of the telegram open network was set for the 30th of April but a refund clause in the purchase agreements for the social network means that investors in the network claim their refunds.

Even though users are able to get a refund of 72% of the stake in the network, the platform has provided an alternative. That alternative is a repayment of 110% on the 30th of April 2021. In a letter dated today, the platform has said that they will not issue any tokens in light of the district court decision. The letter further states:

“As a token of gratitude for your trust in TON, we are also offering you an alternative option to receive 110% of your original investment by April 30, 2021, which is 53% higher than the Termination Amount.”

Telegram added that they will continue their talks with regulators in regards to the network and its tokens.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!