The launch of TON and its GRAM cryptocurrency of Telegram has been postponed. The new launch was proposed in six months and postponed from 30 October 2019 to 30 April 2020. But what happened?
In a letter to investors, Telegram explained that in October it was about to launch the SOUND network, but the problem is the cause that was initiated by the SEC, which has therefore made impossible to meet this schedule.
For this reason, investors have been told that they will be able to accept the six-month postponement of the cryptocurrency launch, or they may request a refund equal to 77% of the capital who have already invested in the project.
Investors can decide to make this decision within the 23 October, the day before the meeting between the SEC representatives and Pavel Durov.
Telegram for its part, it wants to emphasize that it is not at all in agreement with the SEC, and for this reason it intends to go ahead through the courts and defend itself before the court. Unfortunately to support this legal battle it is necessary for the company to postpone the launch of TON and the GRAM token for about six months.
In fact, in the letter to investors, the company emphasizes that they intended to launch TON at the end of October, and that the cause with the SEC makes this objective unattainable. Telegram is not at all in agreement with the legal position of the SEC, for this reason they want to defend their cause with all their strength. The proposal to postpone TON therefore derives from the fact that we want to solve the case better with the SEC and collaborate with the other authorities at government level before the launch.
At the moment, however, based on the terms of the contract, the extension for the launch date provides for the consent of the holders of majority of the new token. So there is no risk of losing important investors, given that if you postpone it means that those who hold most of the company agree.
Given, that most likely will serve others six months before Gram see the light, Telegram would also like to make further changes. In fact, the letter shows that the company would like to make limited changes to the terms of the purchase agreement that remains in effect, to reflect the fact that less Gram will be issued in circulation on the date of launch of the network.