Telegram changes TON investor refund policy

Telegram will not return funds to TON investors in Gram tokens or other crypto assets due to regulatory issuesproblems, and American investors will receive up to 72% of investments in the near future.

The company said that after furtherconsultations with regulators, it was decided not to pay investors their investments in Gram tokens or other cryptocurrencies. At the same time, American investors will not be able to leave their funds in Telegram for another year and will be forced to take up to 72% of their investments back in the near future.

Last week Telegram in the secondonce postponed the launch of the TON blockchain, moving it to April 2021. In an appeal to investors, the company offered to return up to 72% of the initial investment to each ICO participant now, or receive 110% of the investment in a year. Telegram said that if investors agree to wait and leave their money with the company, they will be able to receive a return in Gram tokens or another cryptocurrency. However, the company has now changed its mind:

“Unfortunately, based on recent discussionswith the relevant authorities and our lawyers, we made the difficult decision not to use the payment option in Gram or another cryptocurrency due to their uncertain status with regulators, ”the letter says.

Investors can still leave their money inTelegram until April next year, however, their payment will not be made in cryptocurrencies. In addition, the offer is valid only for investors outside the United States - American investors will need to receive up to 72% of their investments back in the near future.

“This offer is only available to investors outside the United States who are not US taxpayers in accordance with Regulation S of the Securities Act of 1933,” Telegram writes.

In a letter, the company asks investors to indicate their status until 19:00 Moscow time on May 5.

“We intend to ask you to provide signed documents in connection with this new transaction by May 11, 2020, so we need your answer to this letter as soon as possible,” the message said.

According to The Bell, US investors received a different version of the letter, which states that they only have the option of returning 72% of their investment in the near future.

In the letter, Telegram did not mention its intentionsell shares to raise funds needed to return money to investors. Spokeswoman Remi Vaughn said the company has no plans to return funds to investors in the form of Telegram shares, but may sell the shares for this purpose.

Let's remember that last October Telegram was the firstonce postponed the launch of the TON blockchain to April 2020, when the US Securities and Exchange Commission (SEC) accused the company of illegally conducting an ICO worth $1.7 billion. In March, Telegram lost the case against the SEC - a New York judge supported the Commission’s position and blocked the distribution of tokens Gram.

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