At the end of April, the Telegram Open Network (TON) blockchain platform was supposed to launch. Otherwise, the founder of Telegram was obliged to return the money to investors.
However, on April 30, Durov offered all investors a refund by selling Telegram equity a year later. Pavel Durov promised to return 72% of the investments because he was going to spend the remaining 5% on the further development of the project. But in the course of litigations with the US Securities and Exchange Commission, in the $1.7 billion collected from investors, the court saw unregistered securities. Thus, the regulator's request to temporarily block the launch of Durov’s project was granted.
That is why Telegram suggested returning 110% of the investments to investors. In this case, investors would receive more benefits. Even if everything goes wrong, Durov will pay off the debt to investors with Telegram shares. It is about using the proceeds from the sale of equity.
But yesterday, Telegram sent letters to American investors stating that it is not possible to stay in the project for another year. Also, now all investors will not be able to take the option to get 110% of the investments. Thus, they will be able to return only 72% of the invested funds.
A new letter from Durov states that US investors will not be able to conclude a new agreement with Telegram due to the uncertain attitude of the regulatory authorities in the United States. Accordingly, they will receive their funds from Durov immediately, unlike investors who agree to new conditions.
However, the company is still considering the possibility of making an alternative deal with investors. Only investors who are not US citizens and who are outside their borders will get a chance to participate in it, though.