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TON investors give up money

23.10.2019

Investors of Pavel Durovs project Telegram Open Network (TON) decided not to return the funds invested in the token at the ICO stage. Instead, they will await the decision of the US Securities Commission until April 30, 2020.

After the situation with the SEC ban, TON sent a letter to its investors offering to return the money. Investors could get back 77% of the invested funds that they spent during two ICO rounds. In this case, they do not sign additional agreements with the project, and all earlier agreements are canceled.

Most of the investors refused to receive a refund and agreed to wait until April 30th, demonstrating their loyalty to the Gram token. Now, according to Pavel Durovs statement, Telegram can spend additional funds on the project and prepare for litigation with the SEC.

The SEC has announced an official ban on the sale and issuance of Gram tokens, which are key to the entire project. Referring to the law on securities, the supervisory authority considered the token to be a security for which special permission is required. As a result, the launch of the project had to be postponed, and the Telegram management went to the US court with a claim to overturn the SEC decision.

According to experts, most investors will wait for the courts decision. If the Durov brothers cannot quickly resolve the issue with the Commission, they will not only lose the US market, but will also have to pay a penalty to depositors. The hearing in the case will take place in February 2020.

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