Telegram Investors Will Not Receive Gram in 2021
The team of Pavel Durov decided to ban American investors from participating in the Telegram Open Network (TON) cryptocurrency project for another year.
Telegram sent a letter to American investors stating that they would not be able to stay for another year in the TON project.
Thus, US players participating in the placement of Gram tokens will not receive 110% of their investment. They will ultimately receive 72% of the funds from the Durov company.
The text of the letter says:
Unfortunately, given your status as an investor from the United States and based on later discussions with the relevant authorities and our lawyers, we have made the difficult decision not to use this option with you due to the vague attitude of the regulatory authorities in the United States. We apologize for the inconvenience caused by these changes, but we believe that reducing unnecessary regulatory risk is in the interest of all parties.
The Second Letter to Investors
There is a second version of the letter from the Durov team, which received investors who are not residents of the USA. It reports that Telegram will not be able to guarantee them the receipt of the already paid Gram cryptocurrency even in 2021.
In the second letter, the Telegram team explains that due to regulatory risks, it will not be able to fulfill its earlier promise to transfer cryptocurrency to them even after a year. But they are ready to conclude a new agreement with them if investors prove that they are not residents and are not in the United States.
On April 29, Telegram proposed to investors to either return 72% of the money right now. Or wait a year to get your share of investments in the TON blockchain in the Gram cryptocurrency or money in 2021 in the amount of 110%.
The New York District Court`s Ban
Telegram structures attracted $ 1.7 billion investment to create the TON blockchain project. On April 24, the New York District Court recognized the Gram as a securities. And he imposed a temporary ban on the transfer of tokens to 175 investors who acquired the rights to cryptocurrency in early 2018.
Following the court decision, the Telegram team sent investors a letter in which they proposed a plan for a refund in case of loss.
Pavel Durov’s company offered investors several options. The first is the return of 72% of the invested funds. The second is to receive 110% of the initial investment by April 30, 2021.
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