Minimum 10 investors of the Telegram Open Network plan to exit the project and return their funds, commented Yakov Barinsky, the head of the crypto-investment bank Hash CIB, in his interview to TASS.
Investors doubt that TON executives will launch the main blockchain network before April 30, especially given the temporary injunction on the distribution of the Gram token and its recognition as security.
“At least 10 investors who I spoke with are inclined to take away 72% of the invested funds. Given what is happening in the financial markets, this offer looks much better than in October, ” Barinsky said.
In October 2019, Pavel Durov proposed that investors either withdraw 77% of the invested funds or agree to postpone the TON launch date to April 30, 2020. Then most of them supported the company’s management and stated their readiness to “give the project a second chance”.
At the same time, Kommersant’s sources claim that the October voting on the approval of the postponement was opaque, and now many are “inclined to take the money”, despite the fact of the decrease in the amount of returning funds due to the 5% spendings on the development of the platform.
A total of $ 1.7 billion was raised to develop the blockchain platform.
According to Yakov Barinsky, in the current situation, the TON leadership can agree with the SEC and recognize Gram as security or launch a project without the participation of American investors.
“In the first case, it will be necessary to conduct an IPO, so the launch will be delayed for at least another year, what makes it impossible to launch the project before April 30. The second option: if American investors come out, lawsuits from the rest may follow,” the expert said.
In turn, Kommersant’s interlocutors are convinced that if Gram is recognized as security, this will give investors the right to claim the full amount of investments through the court.
Now the TON management is trying to challenge the court decision to suspend the distribution of Gram, and the developers are considering the possibility of the independent launch of the main project network.