American TON investors are not allowed to get refunds till April, 2021
Telegram messaging platform has sent a letter to its investors stating that TON investors in USA cannot participate in the project.
Telegram and aggrieved overseas investors
Messaging platform Telegram has sent its investors the notifications stating that US TON investors won’t be able to participate in the project.
In fact, the notification says that these investors will be entitled to immediate reparations in April, 2021 at the rate of 72% instead of 110% as it has been promised before.
The company had to delay the launch of Gram token on basis of TON blockchain till April, 2021. And given that the launch did not take place, the messenger is contractually obliged to compensate 72% of its investments.
Nevertheless, the company proposed to refund up to 110% of the contributions if the investors wait till the actual Gram’s launch (that will be held in 2021) before applying for compensations.
Those who want to get their money now should come to terms with 38% loss while those who wait for 12 months can expect 10% benefit. Still this apllies to non-American investors, while the US ones can get only a 72% immediate refund.
Besides, these compensations will be returned not in Gram tokens so it looks like the developers want to persuade investors not to apply for refunds until it is possible to get it in Grams.
Telegram representative Remi Von said that the contributors won’t get Telegram stocks as compensations but the company can get some funds selling them.
The investors were requested to take decision on the offer before Tuesday, 5 May 17:00 London time, and the signed documents should be presented by 11 May 2020.
Disputes with the regulator
If should be noted that considering the current disputes with SEC, April, 2021 could not be the fixed date of refunds.
Technically speaking, everything seems to be ready for the launch but all the difficulties arise from the investment opportunity proposed by the company.
Messenger has been negotiating with the Security and Exchange Commission since October, and is trying its utmost to define the regulatory status of TON network.
The project started to be developed in 2017 from the social platform that should have been released at the end of last year but the launch was failed by SEC.
The point was that US regulations stated that $1.7 billion’s ICO was illegal and the company broke the Securities Law.
Currently TON represents an open source code project but the investors have made significant funds for supporting the project in return for the Gram token distribution.
So the investors would be dissatisfied if the project is launched without Gram tokens, and Telegram may have further difficulties to this extent.
Nevertheless, some contributors stated that the new offer was not as bad, so they would prefer to maintain their investments till April, 2021z.
Even if Gram tokens issuance was not permitted, the project would have a year to find money to compensate 110% of the invested capital.
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Please Kindly Answer the Following Questions:
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- 1.2 Referral’s Name, Mailbox, Telegram Account
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- 2.12 Attachment of Source File of Token Logo
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In order to get the link through the Telegram bot:
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In order to get the link through iOS/Android:
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2. Bond 100 coins to the pool: Home scren – Bond
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1. Follow the link:
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Top up your balance with Telegram bot:
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Top up your balance with iOS/Android App:
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2. Copy the wallets sent to you (be careful not to copy extra symbols)
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