Messaging app Telegram has decided to return up to 72% of each investor’s stake, according to a letter published on April 30. Telegram has also decided to postpone the launch of the Telegram Open Netwok (TON) network, the second time it has delayed the launch, with the first being in October 2019 as a result of a United States Securities and Exchange Commission (SEC) lawsuit.

Investors can either choose to receive the 72% stake, or wait until a year from now “to receive 110% of the original investment.” The letter reads,

Unfortunately, in light of the recent US district court decision, we are unable to issue Grams to you by the 30 April Deadline Date. Accordingly, under the terms of the Purchase Agreement, we owe you the Termination Amount. We are hereby honouring our plan communicated to you in October 2019 to repay 72% of your original investment. As a token of gratitude for your trust in TON, we are also offering you an alternative option to receive 110% of your original investment by April 30, 2021, which is 53% higher than the Termination Amount.

The US SEC had charged Telegram with operating an unregistered securities sale for the TON ICO in 2018 that amassed $1.7 billion. This claimed violation of securities laws forced Telegram to delay the launch and the absence of a resolution until now has forced a second delay.

Reports have said that Telegram had been planning to launch the project right up until a few days before the postponement. This was accompanied by TON.org going live and TON Labs announcing TON OS, which still has a due date of Spring 2020. 

Telegram appears confident in the launch of the network, however, having encouraged development and itself developing the network as the court case was being carried out. It has said that it is working with authorities and engaging in discussions to resolve the matter.