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Telegram Excludes US Investors from TON Blockchain Project

07 May 2020 16:39, UTC
Telegram Excludes US Investors from TON Blockchain Project
By Anna Martynova

Due to a violation of current US securities laws, Telegram is postponing the launch of the TON network for the second time. Despite concerns, Telegram still hopes to launch the TON blockchain by 2021, possibly even with SEC approval.

On Monday, investors of the Telegram Open Network (TON) received an email from the team of Pavel DUROV, saying that the company will not pay its investors in GRAM tokens. The email also says that US investors will not be able to get 110% of their investment. Instead, Telegram will pay them back 72% of their investments. Now, investors must immediately respond to the email, as Telegram wants to send the necessary signed documents to withdraw funds by May 11.

This situation is caused by a conflict between the US financial regulator and Telegram. The company violated US financial rules — such a decision was made by an American court. Telegram claims that American investors leaving the blockchain project is the only option.

Image courtesy of Sntch



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