On October 17th, Telegram, a news application provider sued by the US Securities and Exchange Commission (SEC), has notified its investors that the launch date of its TON blockchain network will be delayed by half a year. If most investors refuse, they can get it back. Part of the investment funds (about 77%).
According to foreign media reports, Telegram provided this information to investors via email, and investors confirmed it to The Block.
After the SEC recently sued the company for "illegally" selling digital asset securities called Gram, the company hopes to postpone the launch deadline for TON from October 30 this year to April 30, 2020.
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The email says:
"We originally planned to launch the TON network in late October. However, the recent Securities and Exchange Commission (SEC) lawsuit made this opportunity unrealizable. We disagreed with the SEC's legal position and intend to defend the lawsuit. We propose to extend the deadline to provide more time to resolve SEC litigation and to work with other government agencies before launching the TON network."
It is reported that this email was sent to investors who participated in the second round of TON financing. These investors need to sign a form to approve the extension before October 23, and if most people choose not to agree, then these investors can Retrieving about 77% of the investment funds, and based on the second round of financing of 850 million US dollars, they can get back only 654.5 million US dollars.
The first round of TON investors (also invested 850 million US dollars) received a "single communication" from Telegram, the specific content has not yet been announced.
It is reported that the SEC trial on Telegram will be held on October 24.