- Telegram has terminated its project of the Telegram Open Network and GRAM token.
- Pavel Durov, Telegram CEO offered their investor two refund options.
Telegram has terminated its project of the Telegram Open Network and GRAM token. The reason behind the termination is the company lost a long-running legal battle with the United States’ regulators. However, the company already raised $1.7 billion for the initial coin offering. Following the termination, Pavel Durov, Telegram CEO offered their investor two options. These options are as follows.
- Telegram will make a refund of 72% immediately.
- Telegram will refund 110% in the next 12 months.
Investors of the Telegram Open Network and GRAM token project are free to choose any of those options.
80% TON Investors Choose Immediate 75% over 110% refund After a Year
According to the report of Forbes Russia, most of the investors of Telegram Open Network want to quit with 72% immediately. The reason behind this is most of the investors lost their faith after Telegram lost the legal battle with the United States’ regulators. One of the biggest TON investors, Disruptive Era Fund will also choose the option of refunding of 72% immediately. The investment fund invested more than $70 million in the TON project. The report of Forbes Russia revealed that more than 80% of fund investors want to leave with immediate 72% of the return.
Anatoly Knyazev, executive director of the investment firm Exante and TON investor has reported that Telegram has already paid back their 72% investment. He added that the company would not force anyone to stay invested in their project. He acknowledged that the concern over potential lawsuits from U.S. investors was the main cause of this turmoil. However, American TON investors are not able to for a 110% refund option due to undecided stand by regulatory authorities in the United States. There are still some investors who didn’t make their final decision. For example David Yakobashvili, a co-founder of Wimm-Bill-Dann Foods who has invested $60 million in the project. However, the last date of formal negotiation was May 15.