Telegram TON Investors Vote Against Refund Amid SEC Probe

The Telegram TON investors are in the latest altcoin news in the midst of the $1.7 billion Gram token sale – for voting against the return of their funds. According to reports by Forbes Russia on October 23, the Telegram Open Network (TON) has two sources who told reporters that a majority vote – with the inclusion of investors in both rounds of the offering – had agreed to a postponement of the TON network until April 30 and upholding their investment in the project.

As we previously reported on our site, the anticipated launch of TON on October 31 has been delayed in the wake of an abrupt intervention from the United States Securities and Exchange Commission (SEC) declaring its 2018 token offering as illegal.

The agreement between Telegram and investors had been that if the network failed to roll out the platform on the pledged date, the Telegram TON investors would be eligible for a refund. Speaking of, yesterday (October 23) was the deadline for investors to decide as to whether they would choose to demand a 77% refund of the investment or not.

The company had already sent the Telegram TON investors a proposal to wait or otherwise return a portion of their funds a week after the SEC had secured a temporary injunction against the launch of TON and Gram’s circulation against the firm and its offshore subsidiaries.

Now that the investors’ endorsement is assured, Telegram will reportedly be able to spend another $80 million of the total $1.7 billion investment before April. A source that is close to Durov told Forbes that the investors’ decision is set to be officially announced today, October 24th.

While the Telegram TON investors are now confident against a refund, the company faces a court hearing that is scheduled for February 18 and 19, at which Telegram representatives will reportedly seek a court ruling on the main argument that Gram is not a security.

As the cryptocurrency news from October 21 showed, Telegram has reportedly sent another letter to investors stating that it saw the postponement of the hearing from October to February as a major and positive development. The statement in the letter read:

“The February hearings are different from those scheduled for October 24, because they will only consider the possible postponement of the launch of the platform. We and our advisers will use the time to ensure that at the February hearing, Telegram’s position is presented and supported as much as possible.”