The SEC has succeeded in obtaining the suspension of the distribution of GRAM tokens, the native cryptocurrency of the TON blockchain of Telegram.
The SEC started this lawsuit in October 2019, finding that Telegram had violated U.S. securities laws. This forced the project CEO to ask these investors if they agreed to postpone the distribution of GRAM. The latter actually accepted, with a date postponed to April 30, 2020.
As it was clearly not possible to meet this date, a new letter was sent by Telegram to investors. According to this letter, Pavel Durov’s company offers to return up to 72% of the participation of each investor.
But for those in no hurry to review their investment, Telegram offers an alternative option, with an additional incentive bonus if they agree to wait another year: “As a token of gratitude for your trust in TON, we also offer you another option, to receive 110% of your initial investment by April 30, 2021, which is 53% more than the termination amount.”
Technology Advances Pending Legal Outcome
The proposal is all the more attractive as technical progress continues. New code elements were even published on the TON project’s GitHub just 3 days ago.
A first version of the official website – ton.org – was also put online at the same time, and a community foundation for TON was created by some of the project’s promoters and investors.
This community would also have launched a TON testnet in mid-April, which would make 3 for the project, with the Telegram testnet and that of TON Labs (a technical partner working on TON OS).
Despite the legal troubles, the TON blockchain continues to be implemented. However, a compromise will have to be found with the SEC and the American justice system if the project doesn’t want to risk further setbacks.