The majority of Telegram investors have reportedly agreed to postpone the launch of the messaging giant’s native blockchain network TON, and therefore, will not demand their funds back.
Forbes Russia reported the news on Wednesday, citing “two sources close to the Telegram team.” Last week, Telegram wrote a letter to its investors that it wants to push the deadline for the TON launch from Oct. 30 to April 30, 2020, after the Securities and Exchange Commission (SEC) sued it for conducting an “illegal” sale of “digital-asset securities called Grams.”
These investors had to sign a form approving the deadline extension before Oct. 23. If not, there was an option for investors to get back “approximately 77 percent” of their money back.
A source close to Pavel Durov, founder of Telegram, told Forbes that Telegram will officially announce the decision of investors today.
The Telegram-SEC case was earlier scheduled to take place today, but a hearing on the case has now been postponed until Feb. 18–19, 2020. Telegram views the postponement of the hearing as a positive development, per the Forbes report. “We and our advisers will use the time to ensure that at the February hearing, the position of Telegram was presented and supported as much as possible,” Telegram told its investors in a letter dated Oct. 21.