10 Telegram Open Network (TON) Inventors Are Prepared To Withdraw From The Project

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Over 10 investors of the Telegram Open Network (TON) blockchain venture are prepared to withdraw their money. The so-comment was stated by the head of the crypto-investment bank Hash CIB, Yakov Barinsky.
  • In October last year, Pavel Durov proposed that investors take 77% of the invested funds or agree to extend the project launch deadline until April 30, 2020.
  • The next possible outcome is to launch the project without American investors.
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Over 10 investors of the Telegram Open Network (TON) blockchain venture are prepared to withdraw their money. The so-comment was stated by the head of the crypto-investment bank Hash CIB, Yakov Barinsky.

Investors are inclined to take away 72% of the invested funds

He notified that at least 10 investors with whom he spoke are inclined to take away 72% of the invested funds. He said that looking at the market situation, for now, this offer looks better than in October.

In October last year, Pavel Durov proposed that investors take 77% of the invested funds or agree to extend the project launch deadline until April 30, 2020. If due to some circumstances, the project failed to launch by April 30, then the expected return will be 72% of the investment.

Since from October to April,  Durov promised to spend another 5% of the funds collected for the ICO. Barinsky addressed that Telegram can identify Gram as security and conduct an IPO.  He said that to conduct an IPO, in this case, the project launch will be postponed for another period, the company must prepare for at least one year.

During this time, it is necessary to conduct another consultation with investors and again ask for a suspension in launching the project.

Launching the project without American investors

The next possible outcome is to launch the project without American investors. Barinsky concluded, the basic option is to return 72 cents per dollar to all investors.  The statement declaring at this stage does not make any practical sense.

However, Telegram intends to challenge the court decision to ban the placement of its Gram digital currency. A notification was sent to the court of appeal.

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