- Not long after the April 30 deadline was missed to launch the telegram open network (TON), the messaging platform sent another letter to its investors.
- In this newsletter, telegram said that TON investors in America will not be able to stay in the project for another 12 months.
Not long after the April 30 deadline was missed to launch the telegram open network (TON), the messaging platform sent another letter to its investors. In this newsletter, telegram said that TON investors in America will not be able to stay in the project for another 12 months. In fact, the letter continues saying that these investors will be only eligible for an immediate 72% refund instead of the 110% refund option that was provided by the company for April next year.
Telegram offered a refund to investors last week at the end of April. At the time, they offered two options, an immediate refund of 72% of the investment or 110% of their investment refunded in 12 months time. This second option was granted as a token of gratitude for investors and their trust in TON. They further promised to provide interested investors with a loan agreement within the next few weeks.
However, this second option of 110% refund it’s not available to American investors as Telegram had to retract the second statement due to an uncertain stance by regulatory authorities in the United States.
Telegram has been in talks with the United States securities and exchange commission since October last year and has been struggling to sort out regulation issues to launch on the TON network.
The project was started in 2017 with the social platform preparing to launch the TON network at the end of last year however the securities commission in the United States put a stop to this. They claim that the company's $1.7 billion initial coin offering was illegal and made the point that the company violated the United States' securities-law by conducting such a project.