Chat app operator Telegram appears to have actually lost its fight with American regulators in the battle to launch its Telegram Open Network (TON) blockchain platform and the Gram token.
Telegram had actually wished to launch the TON platform on April 30, however has rather apparently “postponed indefinitely” due to procedures taken by an American court, which previously this year positioned a restriction on the business’s strategies to moving Gram tokens to financiers who took part in a 2-round, confidential private token sale, following an intervention by the regulatory Securities and Exchanges Commission (SEC).
Russian news outlet Vedomosti stated that it had actually spoken with “two sources close to Telegram” who it states have actually verified the news.
The news outlet states it has actually seen a letter that was sent from Telegram to financiers concerning the post ponement. Another news outlet, The Bell, likewise says it has actually seen a copy of the letter, which apparently checks out,
“Unfortunately, in light of the recent decision by a United States District Court, we cannot deliver your Gram tokens by April 30 as previously promised.”
Pavel Durov, Telegram’s creator, had previously pledged to return 72% of TON financiers’ stakes if the project did not satisfy the April 30 due date.
However there are indications that Durov fears the financial fallout of all of the TON financiers requiring the return of their massive USD 1.7 billion. In the letter, the media outlets state that Durov will hand financiers 110% of their stakes if they are prepared to wait till April 30, 2021.
The letter’s authors add that Telegram prepares to settle its financial obligation to financiers by selling equity must it stop working to win regulatory approval for the project prior to April 30, 2021.
The letter apparently includes that Telegram is continuing to participate in conversations with American authorities– a sign maybe that Durov thinks all is not yet lost.