Two days after the breaking SEC announcement, Telegram developers contacted investors to share views on the matter. On Oct. 11, 2019, the SEC claimed that Telegram’s $1.7B offering was illegal, and the watchdog filed a complaint with the federal district court in Manhattan to halt the Gram token offering. On Oct. 13, the developers wrote a letter to investors assuring that they were “continuing to evaluate the best means by which to resolve the situation in the interests of relevant parties”. The developers do not rule out the possibility that the launch date may be delayed.
As Telegram developers claim, they were “surprised and disappointed” by the SEC’s decision to file a lawsuit. On their part, they’ve attempted to engage with the SEC on the Gram issue for the past 18 months but got no response. Telegram officials disagree with the SEC’s position and will try to defend themselves in court during the hearing scheduled for Oct. 24.
Meanwhile, Telegram probably will not be required to return money to its investors even if the TON launch is delayed. According to a purchase agreement of Telegram Gram tokens, investors will get a termination sum if TON is not launched by Oct. 31, 2019. Nonetheless, the force majeure cases of the agreement include “applicable law or regulations” and “action by any Governmental Authority”. In the aforementioned circumstances, Telegram “shall not be liable or responsible to the Purchaser [...] for any failure or delay”, as the agreement states.