Telegram Can Return 77% of Funds to TON Investors If They Do Not Extend the Deadline until April

In the run-up of TON hearing, which will take place in Manhattan District Court on October 24, Telegram lodged a motion. Telegram Group stated its readiness to postpone the launch of TON for 6 months, suspending all transactions with the Gram cryptocurrency.

"Telegram has decided to postpone the launch of the ton blockchain platform and any distribution of Gram until data fall into place and any other regulatory issues are resolved", as stated in the petition.

Furthermore, Telegram's lawyers asked not to impose a ban on the distribution of Gram cryptocurrency, as these steps can be "wrongly accepted" by the public.

At the same time, Telegram suggested investors of closed ICO and all jurisdictions (not just the American ones) to agree to postpone the launch of TON until April 30 or receive a return of 77% of the investment. Telegram asked in a letter to pick sides by October 23, up until the court hearing.

Also, Telegram emphasized they disagree with the position of the SEC and will defend themselves in court. In this case, the extension of the deadline is necessary to settle the dispute:

"We intended to launch the TON network in October. But the SEC's latest lawsuit made this timing impossible," noted in the letter.

Despite the fact that the actions of the regulators come within the terms of force-majeure, listed in the Gram contract, investors will get the compensation. If the majority of investors refuse of deadline extension, their Gram contracts will be valid till October 31. After that, they will receive 77% repayment of the invested amount. Participants of two rounds of pre-ICO will make the decision in parallel - some may agree to a prolongation, and others will receive the part of their money back.