Encrypted messaging platform Telegram appears to have accepted a United States court ruling that the company cannot distribute its Grams tokens or launch the Telegram Open Network (TON) until the dispute has been resolved.
With Telegram missing its deadline to launch TON by April 30, a refund clause in Telegram’s purchase agreements means that investors can now claim refunds.
However, while proposing an immediate refund of 72% of investors’ stakes, the platform is also offering repayment of 110% on April 30, 2021. Investors who opt to accept the loan may be able to redeem their stake for crypto assets in the future.
Telegram delays TON launch again
In a letter dated April 30, Telegram said that it will not issue Grams by April 30 “in light of the recent U.S. district court decision.”
While the platform is honoring its promise to refund investments at 72 cents on the dollar, Telegram has announced a secondary option investors to “loan” their stake to the platform for 12 months in exchange for repayment at 110 cents on the dollar on April 30, 2021. The letter states:
“As a token of gratitude for your trust in TON, we are also offering you an alternative option to receive 110% of your original investment by April 30, 2021, which is 53% higher than the Termination Amount.”
“Detailed documents describing this option, including a loan agreement, will be provided shortly to those who express interest,” the document adds.
Telegram states that it will continue to engage regulators regarding TON and its tokens, noting that investors may be provided with the option of receiving Grams or a different cryptocurrency if they are approved to do so:
“Purchasers who opted for the loan will have the further option to receive Grams or potentially another cryptocurrency on the same terms as those in their original Purchase Agreements.”
Investors have been asked to forward which refund plan they have chosen by the end of this week.