Telegram Delays The Launch Of TON Blockchain After SEC Lawsuit; Investors To Get The Funds Back
On Sep 12, 2020
Telegram has postponed the launch of its TON Blockchain. The messaging app provider has informed the investors concerning the return of their funds as part of the deal. The delay is followed by the case filed against the firm by the Securities and Exchange Commission for conducting an illegal ICO. According to the mail, investors can receive approximately 77 percent of their invested amount. Telegram wants to stretch the launch until April 30, 2020.
Telegram has reportedly decided to move forward the launch of its native Blockchain network, TON. The messaging giant has informed the investors regarding the delay in an email, who shall get back their funds invested in the project. The company wants to push the release of the network from October 30 to April 30, 2020.
Leading An Unregistered Ico For Its Gram Tokens
Telegram’s decision to hold over TON is the outcome of the charges pressed against it by the Securities and Exchange Commission for leading an unregistered ICO for its GRAM tokens. The mail sent to the investors states how the lawsuit has made the launch of the blockchain network unachievable by the end of October. Telegram has also decided to fight back the allegation.
The message has been sent to the investors who participated in Telegram’s second fundraising round hosted in February last year. Members have to sign the form of approval concerning the deadline extension before October 23. If the major number of investors do not support the decision, they will receive approximately 77 percent of their invested funds back.
A court hearing in the ICO case is scheduled for October 24.