Telegram TON Project investors agree to keep faith in the GRAM tokens despite the recent legal suit by the Securities Exchange Commission (SEC) on launch of the token. According to a post on Forbes Russia, investors from both rounds of initial offering of the token agreed to wait till next year April to decide whether to take their money back at a discount.
Furthermore, the investors voted on releasing $80 million USD from the $1.7 Billion raised during the ICO to progress the development of TON project.
Investors’ Faith Remains Strong In TON
As earlier planned, if the team failed to deliver on the launch of the tokens by October 31, investors received 77% of their invested funds back. Since the SEC deemed the offering conducted in early 2018 illegal, the probability of the launch happening has dropped significantly. This pushed the messaging giant to send out proposals to their investors requesting for more time before opting out of the project.
Two sources confirmed the vote took place on Oct.23 – a week before the planned launch of the tokens – upholding investors’ investments till April. The investors allegedly declined the opportunity to take back their investments at a 23% discount yesterday through a vote, following the subpoena by SEC to halt the launch of GRAM tokens.
Speaking to Coindesk, one TON investor remains pessimistic on the launch happening in April saying the company may not have sorted out issues with the SEC by then. The investor anonymously said,
“We voted to wait, although we’re sure Telegram will not be able to clear things with the SEC.”
The sources further confirm that Telegram is expected to issue an official statement on the matter later today.
An Early Court Date In 2020
Telegram’s recent lawsuit challenging the SEC’s judgment of GRAMs as securities and being offered illegally without a license from the agency was postponed from the expected hearing date on October 24 to February next year.
According to Telegram’s representatives, the company sees the postponement as a positive – giving them enough preparation time against the claims from the SEC.
The representative further commented,
“The February hearings are different from the earlier scheduled for October 24[…]. We and our advisers will use the time to ensure that at the February hearing, the Telegram position is presented and supported as much as possible.”
The classification of GRAM tokens as securities has discouraged many willing crypto exchanges in America from their earlier plans to list the token including Circle.