Telegram has informed American investors of the Telegram Open Network (TON) blockchain platform that they will be returned 72% of the invested funds, reported The Bell with reference to investors.
At the end of April, the company offered all investors a money-back plan: they can return 72% of the invested funds now, or 110% of the original amount by April 30, 2021. If the company manages to launch the project in a year, then investors will receive their share in Gram, reported in April.
However, investors from the United States will not be able to wait for the launch.
“Unfortunately, based on more recent discussions with relevant authorities and our counsel, we have made the difficult decision not to pursue an option involving grams or another cryptocurrency due to its uncertain reception from the relevant regulators,” Telegram wrote to investors.
In addition, the company sent another letter to other investors, the authenticity of which The Bell was confirmed by two investors. In this letter, Telegram announced that it could not promise investors to give them tokens even in 2021 due to regulatory risks, and proposed to conclude a new agreement if investors prove that they are not residents and are not based in the United States. The terms of the agreement are not specified.
“This offer is only being made available to offerees outside the United States who are not U.S. persons within the meaning of Regulation S under the U.S. Securities Act of 1933,” Telegram added.
After that Telegram sent a new letter to investors who confirmed that they are outside the United States and are not its citizens, The company proposed to sign a new agreement for money already invested and arrange it as a loan “with an annual interest rate of 52.77%.”
Investors can now withdraw 72% of the invested funds or 110% in a year, and when a new agreement is signed, the second amount will be 52.7% more than the first. However, the company will be able to repay the loan at any time, together with interest at a rate of 52.7% and the minimum commission that Telegram would pay for three months of using the money.
Recall, Telegram planned to launch TON and Gram tokens by October 31, 2019, however, the U.S. Securities and Exchange Commission (SEC) secured a temporary injunction against the sale of Gram and accused the company of illegally selling cryptocurrency.
Telegram postponed the launch of the platform to April 2020, counting on the completion of the lawsuit, and invited investors to wait for the launch or return 77% of the invested funds. However, the hearings are still ongoing: at the end of March, the court upheld the SEC and recognized Gram as securities, and the company appealed the decision.