Telegram is pushing the delaying of the launch of its Telegram Open Network (TON) blockchain project. And this happened amid the setback from the Securities and Exchange Commission (SEC). The firms aim to move it from October 30, 2019, to April 30, 2020.
Based on a report on Wednesday, the messaging platform is delivering emails to the investors of Gram tokens. And it is asking them to grant the postponement of the launch date.
Furthermore, in the first paper, the Telegram guaranteed to release its platform and deliver Gram tokens to the investors before October 30, or else it needs to refund the investors.
In the two straight privately-held $850 million token sales around February and March 2018, the project raised as much as $1.7 million.
Recently, the company plans to launch it even before the set deadline. But a restraining order obtained by SEC to halt the launch made difficulties for the firm. The regulator alleges the messaging platform in selling unregistered securities in the form of Gram token.
Then, the U.S. Treasury also initiated a probe against Telegram for its involvement in money laundering.
The Letter of TelegramMoreover, the email for Gram investors stated, “We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and intend to vigorously defend the lawsuit.”
In addition to that, the letter also pleaded to extend the deadline date to give additional time to solve the SEC’slawsuit. Also, to coordinate with other governmental authorities in advance of the launch of the TON network.
Aside from that, Telegram is making a separate approval from its two batches of investors. And in case of any disparity in the vote of the two groups, the company proposes to make some limited amendments to the purchase agreements’ terms that remain in place. And it is to reflect the truth that they will issue fewer Grams and in circulation on the Network Launch Date.