Telegram will not distribute Gram tokens

Pavel Durov lost his legal battle with the US Securities and Exchange Commission.

In a letter to investorsOn April 30, Durov offered to reimburse 110% of investments in one year. Otherwise, he offered to cash out money, getting back 72 cents for every dollar invested.

Yesterday, American investors received a new letter urging the Telegram team to withdraw 72% of their investments right now.

Durov is forced to make such a decision by the position of regulators and a preliminary court order on violation of US securities laws when distributing Gram tokens.

Today we received a newsletter from the company andForeign investors TON. The Telegram Open Network team is forced to completely abandon the upcoming payments in Gram or any other cryptocurrency. Non-US investors are encouraged to urgently confirm their jurisdiction and enter into a new agreement before May 11.

Although the preliminary court order is not final, it suggests that the court ultimately passes a permanent injunction.

As an option to solve the problem, Telegram mayconduct an IPO. But in this case, the launch of the project will be postponed for at least a year and will require additional consultations with regulators. The second potential option may be the removal of American investors from the project, but this may be followed by lawsuits from other investors.