Investors in Telegram’s Gram token, which was scheduled to launch by the end of this month, have agreed to postpone the launch of the Telegram Open Network (TON) blockchain until April 30 of next year.
According to a report published by Forbes Russia, citing two anonymous sources close to Telegram, investors voted to delay the launch and agreed to not demand their funds back because of the delay.
The encrypted messaging platform’s blockchain project was set to launch by October 30, but a lawsuit filed by the U.S. Securities and Exchange commission (SEC) against the firm alleging it conducted an “illegal” sale of “digital-asset securities called Grams” forced it to delay it.
Investors had to approve the deadline extension until October 23, but also had the option to receive “approximately 77 percent” of their money back. In Telegram’s original whitepaper, the firm promised investors that if it failed to launch TON before the specified deadline it would issue investors a refund.
Telegram’s court hearing was originally scheduled for today, October 24, but it was delayed until February of next year. This forced Telegram to halt the Gram token distribution. A letter to investors reportedly reads:
The February hearings are different from the earlier scheduled for October 24, because at these hearings they should only consider the possible postponement of the launch of the platform
The firm added that it will join its advisers in using the time until February to ensure that then “the position of Telegram was presented and supported as much as possible.”
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