Media: investors began to withdraw funds invested in the Telegram TON project

Most investors of the Disruptive Era Fund, which invested more than $70 million in TON from Telegram, intend to withdraw money fromproject. It is reported by Forbes.

According to interviewed investors, more than 80% of them are in the process of leaving the project. They intend to get 72% of the invested funds.

April 30, the day of the second deadline, Durovinformed Telegram Open Network investors that there would be no launch due to a conflict with the US Securities and Exchange Commission (SEC) and a U.S. court ban on the distribution of Gram tokens.

He offered them a deal: take 72% of the invested funds or sign a new contract, giving the project the opportunity to launch the network before April 30, 2021. The last option involved either receiving Gram or another cryptocurrency as a result of the launch, or returning 110% of the funds. Durov was even ready to sell part of the stake in Telegram in case of failure.

Then the investors received a few more letters,who changed the terms of the deal again. In a separate letter, American investors were refused further participation in the project, leaving only the option to withdraw 72% of the funds. The others were notified that they would not receive anything in Gram and other cryptocurrencies.

In a subsequent letter, the last statementdisclosed in more detail. Investors were offered to arrange their investments in TON as a loan at 52.77% per annum in order to expect a return of 110% of their initial investments in 2021.

A few Forbes investors surveyed alsomade a decision to return, and have already received the funds. In particular, 72% of investments were received by Anatoly Knyazev, co-founder of Exante investment company, according to whom Telegram did not try to persuade him to stay in the project.

“No one is happy with the new conditions. Among those I know, everyone either took the money or are negotiating more favorable terms. We left the project because there is a high probability of lawsuits from the Americans in the first place. If they win, money will be paid to them at the expense of those who agreed to wait a year and gave a Telegram loan. This means that the company will have less money. And if it sells shares in order to pay off them in a year and further finance its activities, then this will happen in more difficult conditions. Finding new investors will become more difficult. ”- says Knyazev.

According to Yegor Vinogradov, CEO of Sun Crypto Management, among his acquaintances, "everyone took 72%."

Some decided to stay, and some investors have not yet decided

According to the publication, some investors decided to provide a Telegram loan. Among them - co-founder of Qiwi group Sergey Solonin

“I decided to reissue on credit. Pavel has an intelligent team, I hope they’ll come up with something ”- said Solonin, who invested $ 17 million in TON in 2018.

Some participants in the project have not yet decided. In particular, the co-founder of Wimm-Bill-Dann, David Yakobashvili, said that he was continuing negotiations with Telegram.

“Oddly enough, has not yet made a decision- explained Yakobashvili. -If you need me, we can come to an agreement. If these loan conditions suit me, then I will stay, if they don’t suit me, then I will leave.”

According to Solonin, TON investors will leave inan average of 30% of the money, agreeing to conclude new loan agreements with Durov. The amount of obligations of the founder of Telegram to the remaining investors will be about $ 500 million, he explained.

“I think this should be enough for a yeartaking into account the risks arising from the settlement of relations with the SEC. I hope that during this time Pavel will be able to come up with sources of income or a way how to finance the company further. ”- said Solonin.

One of the investors expressed the view that money,which Durov prepares in the form of a loan, will go "to the same thing as before" - to pay salaries, purchase equipment, pay for traffic. However, if earlier the funds went to both projects, TON and Telegram, now only the latter will receive financing.

For the first time, the TON blockchain platform became known at the end of 2017, however, in fact, Telegram confirmed its participation in the development of the project only in the fall of 2018.

According to official figures, in two roundsA closed ICO in February and March 2018, TON raised $ 1.7 billion from 175 investors in the United States and beyond. Among the project investors are the structures of billionaire Roman Abramovich and Mikhail Abyzov.

Initially, the launch was supposed to take place beforeOctober 31, 2019, but the SEC through the court secured a temporary ban on the distribution of tokens. Then Durov made the first deal with investors, setting up a new deadline.

The SEC believes that the sale of SAFT contracts,the distribution of tokens and subsequent sale on the secondary market of Gram tokens would constitute a single investment contract that violates federal securities laws.

Recall, on May 7, the launch of the main Free TON network with the native TON Crystal token (TON) took place. The network was supported by the developers of Telegram Open Network, large validators.

Among the participants of the launch: TON Labs, P2P.org, Kuna, Everstake, Chorus, Bitscale Capital, ForkLog founder Anatoly Kaplan and others. The corresponding declaration was signed by more than 170 companies and individuals.