The much anticipated TON network launch and the release of the Gram token could be delayed for “six months to a year” as investors in the project have been told. According to Forbes Russia, two unnamed investors in the $1.7 billion project told the media outlet that Telegram will postpone and push back the release “by a minimum of six months.”
Meanwhile, we can see that Telegram was prepared for a launch on October 31, but last week stunned when the US based Securities and Exchange Commission (SEC) issued an injunction against the chat app provider, noting that the Gram’s two-round private initial coin offering (ICO) was “unlawful.”
The company, which is fronted by “Russian Mark Zuckerberg” Pavel Durov, has also been called in by the SEC for a legal hearing on October 24.
The sources stated that Telegram is now planning to refrain from making further comments to the media or investors until after the hearing. According to the Tass media outlet which has spoken to a cryptocurrency expert who is in contact with the TON investors, Telegram will postpnoe the launch and the delay could last up to a year.
The crypto news also featured one of the Forbes sources stating that “Durov’s team is confident that it will be able to resolve all its disputes with the SEC” in the six months or more period before the token is finally released. Meanwhile, the Tass source claimed:
“According to investors, the possibility of postponing the launch of TON for six months or a year is now being discussed.”
Lawyers right now claim that Durov’s team is also aware that it could seek to resolve this matter by returning investments to the 39 America-based investors, after which it could push ahead with the token launch with or without SEC’s approval.
Despite the fact that Telegram will postpone its TON launch, the company may be inspired from the recent case of the EOS operator Block.One which accepted a settlement deal with the regulator lately. Block.one paid a fee which amounted to just 1% of the $4 billion it raised in what the SEC labeled as “an unregistered ICO” back in 2017-18.
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