April 23, 2024

Telegram's TON blockchain launch postponed to April 30, 2020

Telegram's TON blockchain launch postponed to April 30, 2020

Telegram notified investors of its blockchain project that the launch of the TON network will not take place on October 30, aswas expected on April 30, 2020. At the same time, Telegram is ready not only to postpone the launch of the Gram cryptocurrency, but also to return most of the money to investors.

Lawyers hired by Pavel Durov for workwith the US Securities and Exchange Commission, sent documents in the case to the Southern District of New York court, which reveal further plans for the Telegram Open Network. According to new data, lawyers intend to defend the company's rights, despite the obvious groundlessness of the SEC's claims.

In particular, the company agreed to suspenddistribution of Gram tokens for five months from the moment the disagreements with the regulator are resolved. This means that even if the SEC abandons its claims (which is hard to believe), Durov will not be able to start distributing cryptocurrency to investors until the first quarter of 2020.

Telegram also sent out a fresh update to itsto investors, where she notified them of the possibility of postponing the launch of the cryptocurrency to April 30 of next year. Taking into account the documents submitted to the court, Durov expects to resolve all issues with the SEC by the end of October, otherwise the five-month period will not fit into the company's plans.

The main problem of launch transfer isthat the initial contract with investors expires on October 31. For this reason, Telegram will offer to sign a new agreement in which investors will have to agree to the new terms. If they refuse, they will be returned to 77% of the invested funds. This raises another question: if the main contract expires on October 31, on what legal grounds can Durov not pay the full amount of investment?

As a result, this whole tangle of confrontationDurova and SEC are becoming more confused. Telegram claims that they have been trying to establish contact with the regulator for more than a year, and even changed the structure of the project in order to fully comply with legislative standards. The SEC, in turn, continues to abut and carry nonsense about securities, although there is a huge difference between them and the cryptocurrency. As a result, we will have to put up with a long delay, which will only harm the entire industry as a whole.