Some of the investors in the Telegram Blockchain Project, or Open Telegraph Network (TON), are ready to get their money back.
According to theblockcrypto, Yakov Barinsky, head of the Russian investment company Hash CIB, said:
What I see now is that many of these investors, who I’ve talked to at least 10 of them, want to get back 72% of their capital.
He went on to say that a 72% recapitalization does not necessarily mean losing these investors:
Given what is happening in the financial markets today, repaying this amount now is better than getting it back in October.
In October, if investors refused to participate in the project, they could recoup 77% of their capital. At that time, however, they did not request a repayment of their funds, and it was decided to postpone the launch of the decentralized telegram network (TON) until 2020 April 30.
Pavel Durov, the founder of the telegram, has reportedly told investors that from October to April, 5% of the capital will be used for development and investors can receive 72% of their funds.
The telegram has been in a legal dispute with the US Securities and Exchange Commission (SEC) since October. The SEC has accused Telegram of illegally selling Gram’s digital securities.
Earlier this week, a federal judge in New York issued a preliminary ruling that said the distribution of gram tokens was a violation of US securities laws.
Although this is not a final verdict, it does indicate that the court will eventually make that ruling. As Stephen Palley pointed out:
The telegram is likely to appeal the case again. But this request may not be successful.
“It is virtually impossible to launch the project before April 30,” Barinsky said.
In this case, the project will be delayed again. Companies usually anticipate such situations and prepare to endure such situations for at least a year.
In this scenario, it is also necessary to consult with investors again and request another delay to launch the project.
Another option on the table could be to remove US investors from the project, according to Barinsky. But this may lead to other investors pursuing litigation.