Investors Plan Exit as Telegram’s Token Distribution Delays
- The company promised to distribute the token by the end of April.
As a US court halted Gram token distribution, a few Telegram Open Network (TON) investors are considering pulling out from the project.
Originally reported by Russian news agency TASS, Yakov Barinsky, the head of crypto investment bank Hash CIB, revealed that at least ten investors are considering pulling their investment from the Gram token, taking away 72 percent of their original amount.
“Very much, at least 10 investors with whom I spoke, are inclined to take away 72% of the invested funds. Given what is happening in the financial markets, this offer looks much better than in October,” Barinsky said (translated from Russian).
SEC on the way
This comes after a US court approved the Securities and Exchange Commission’s (SEC) move for an emergency injunction request as the messaging company was preparing to distribute Gram tokens to its investors.
Telegram reportedly raised $1.7 billion in two rounds of a closed-door token sale, becoming the largest Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term) to date. In its whitepaper, the company promised its investors to deliver Gram tokens by last October.
Though it was reported that the company was ready to distribute the tokens, the SEC’s move against the company for violation of securities law forced the cancellation of distribution.
Telegram, however, approached TON investors for delaying the token distribution process by six months, or they can exit, taking 77 percent of their investments. The investors chose the first, and, in exchange, the messaging company promised to invest another $80 million in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term project.
Per the report, if an investor wants to exit now, only 72 percent of the investment amount will be refunded as 5 percent was spent in the development process over the months.
“In the first case, it will be necessary to conduct an IPO, so the launch will be delayed for at least another year, that is, until April 30 this will not be possible. The second option: if American investors come out, lawsuits from the rest may follow,” Barinsky added.
Meanwhile, Telegram also decided to challenge the court’s decision to push its token in the secondary market.
As a US court halted Gram token distribution, a few Telegram Open Network (TON) investors are considering pulling out from the project.
Originally reported by Russian news agency TASS, Yakov Barinsky, the head of crypto investment bank Hash CIB, revealed that at least ten investors are considering pulling their investment from the Gram token, taking away 72 percent of their original amount.
“Very much, at least 10 investors with whom I spoke, are inclined to take away 72% of the invested funds. Given what is happening in the financial markets, this offer looks much better than in October,” Barinsky said (translated from Russian).
SEC on the way
This comes after a US court approved the Securities and Exchange Commission’s (SEC) move for an emergency injunction request as the messaging company was preparing to distribute Gram tokens to its investors.
Telegram reportedly raised $1.7 billion in two rounds of a closed-door token sale, becoming the largest Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term) to date. In its whitepaper, the company promised its investors to deliver Gram tokens by last October.
Though it was reported that the company was ready to distribute the tokens, the SEC’s move against the company for violation of securities law forced the cancellation of distribution.
Telegram, however, approached TON investors for delaying the token distribution process by six months, or they can exit, taking 77 percent of their investments. The investors chose the first, and, in exchange, the messaging company promised to invest another $80 million in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term project.
Per the report, if an investor wants to exit now, only 72 percent of the investment amount will be refunded as 5 percent was spent in the development process over the months.
“In the first case, it will be necessary to conduct an IPO, so the launch will be delayed for at least another year, that is, until April 30 this will not be possible. The second option: if American investors come out, lawsuits from the rest may follow,” Barinsky added.
Meanwhile, Telegram also decided to challenge the court’s decision to push its token in the secondary market.