The head of the blockchain project Pavel Durov suggested that ICO TON participants take 72% of the initial investment now or get 110% within a year
The telegram blockchain project will not be able to distribute Gram tokens until April 30 due to a new York court ban. This was announced by the head of the startup Pavel Durov in a letter to investors
For this reason, ICO participants were offered two alternative options. Telegram can return 72% of initial investments to investors now or 110% by April 30, 2021. The response must be provided by email before the end of the current week.
"Unfortunately, in light of the recent decision of the US district court, we cannot issue you a Gram until April 30...as a sign of gratitude for your trust in TON, we also offer you an alternative option: to receive 110% of your initial investment by April 30, 2021, which is 53% higher than the amount of termination of the transaction," the letter says.
Investors who agree to support the project will need to sign a loan agreement. It specifies the initial conditions, but is adjusted for possible restrictions on the part of the regulator. In this case, ICO participants, if the project is launched, will receive Gram tokens or "potentially another cryptocurrency".
Telegram noted that they continue to negotiate with the financial regulator. If approval is not received and the launch of TON does not take place before April 30, 2021, the debt to investors will be repaid by the proceeds from the sale of the stake in the company, which is currently owned by its founder.
"Telegram has 400 million users per month and a natural growth of 1.5 million users per day. Telegram is the most downloaded social media app in 27 countries, including India, Indonesia, Turkey, Russia, Egypt and Brazil. Based on the assessment of messengers at similar growth stages, we believe that the cost of telegram's capital will exceed the total amount of its potential debt stipulated in the letter by at least several times," Telegram said.
On April 1, Federal judge of the southern district of new York Kevin Castel rejected Telegram's request to clarify the possibility of distributing Gram tokens to bypass American investors. Thus, the court confirmed its ban on issuing a new cryptocurrency. Castel stressed that the security was not an agreement to buy an altcoin or the coin itself, but the entire scheme, including the company's activities and investors ' expectations of selling the asset on the secondary market.
