On May 12, Telegram officially terminated its planned blockchain project-Telegram Open Network (TON) and its corresponding GRAM token. Telegram has apparently ended its long-term legal battle with US regulators, but it still needs to raise $ 1.7 billion raised in 2018 through its initial coin offering (ICO).
Before abandoning the troubled TON project, Telegram CEO and founder launched a compensation plan that provides TON investors with two options-immediate refund of 72% or 12 110% returned within a month.
The main investor with an investment of $ 70 million is preparing to withdraw and choose to refund 72%
According to a report by Forbes Russia on May 16, it is said that most TON investors decided to recover their investment as soon as possible and chose to refund 72%. According to reports, one of TON’s largest investors is the Disruptive Era Fund, and more than 80% of fund investors are preparing to withdraw from the project and get a refund.
According to reports, the Disruptive Era Fund, which has invested more than $ 70 million, added that, obviously, most TON investors decided to choose a refund of 72%. A fund spokesperson told Forbes that the decision has not yet been finalized.
Other TON investors also chose to refund immediately. According to reports, Sun Crypto Management CEO Egor Vinogradov (Egor Vinogradov) said that “everyone” in his circle decided to refund 72%.
According to reports, some investors have received their repayments so far. According to reports, Anatoly Knyazev, executive director of investment company Exante and investor of TON, revealed that Telegram has repaid 72% of its investment.
Knyazev added that Telegram did not try to force TON investors to stay in the project. He pointed out that this decision is mainly based on US investors’ concerns about potential litigation.
According to Forbes, US investors accounted for $ 424.5 million of TON ’s $ 1.7 billion ICO. The total number of TON investors is 175 entities, 39 of which are from the United States. According to Cointelegraph, US TON investors do not meet the 110% repayment option. This is due to “the position of the US regulator is uncertain.”
Although most TON investors are clearly prepared to withdraw and receive a 72% refund, so far, some investors have not made a decision. Wimm-Bill-Dann Foods co-founder David Yakobashvili invested $ 60 million. According to reports, he said that although May 15 is the official deadline, he is still negotiating loan opportunities with Telegram.
There are still some investors who want to support Telegram and wait for a 110% refund in April 2021. Cointelegraph reported on May 16 that Qiwi group co-founder Sergey Solonin decided to reinvest Telegram in the form of a loan channel.
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