US, WASHINGTON (ORDO NEWS) — Telegram has proposed a money back plan for investors of the blockchain project of Pavel Durov. They can either receive 72% of the invested funds now, or wait until April next year and receive 110% of the investments in the form of cryptocurrency or funds earned by the company on the sale of shares.
Investors of the TON blockchain platform were offered a money back plan, since Pavel Durov’s Telegram will not be able to start issuing cryptocurrencies on April 30. This follows from a Telegram team letter sent to investors, a copy of which is available to Forbes.
In a letter, the company offers the investor either to get back 72% of the invested funds, or to wait on April 30, 2021 and receive 110% of the amount of investments. In the second case, the amount received by the investor will be 53% higher than in the first, the company notes.
Telegram continues to participate in discussions on the topic of TON with the authorities, the letter emphasizes. If the company receives appropriate permissions before April 30 of next year, waiting investors will be given the opportunity to receive Gram or a potentially different cryptocurrency on the same conditions. If permissions are not obtained, Telegram plans to pay debts to investors using the proceeds from the sale of its shares.
The message emphasizes that 400 million users use the Telegram instant messenger every month and it is the most downloaded social media application in 27 countries, including Russia, India, Indonesia, Turkey, Egypt and Brazil. Based on the assessment of instant messengers at similar stages of growth, Telegram believes that the cost of the company’s capital will at least several times exceed the total amount of potential debt. About which of the two options the investor chooses, the company asks to inform by the end of the week.
Initially, Telegram planned to launch its blockchain platform TON and the Gram cryptocurrency on October 31 last year. However, the US Securities and Exchange Commission (SEC) has secured a temporary injunction to issue tokens.
The Commission considers the Telegram cryptocurrency to be securities and indicates that the company violated the law when preparing the issue, as it did not disclose information about the financial condition of the company, its business, management and risks. Telegram did not agree with the SEC position, and the launch of the platform was delayed until April 30. At the end of March, a court in New York upheld the SEC ‘s position and forbade the transfer of tokens to investors.
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