TON Investors Vote To Postpone Launch Date And Against Refund
NEWS
October 24  |  2 min read

TON Investors Vote To Postpone Launch Date

The COIN360 Editorial Team

The Telegram Open Network first and second round investors have voted to postpone the launch day and against the refund, reports Forbes Russia, citing two sources from the Telegram Network. The official announcement is expected today.

The decision had to be done through voting with consent of the holders of a majority of the “Purchase Amounts” paid to Telegram. The holders of a majority of the tokens have agreed to postpone the launch date to April 30. Now Telegram can use another $80 million to fund its operations until the new launch date. If the holders of a majority of the tokens in each stage voted for the refund, they would have got 77% of their money back.

Telegram offered a new agreement to the investors after the US Securities and Exchange Commission obtained an emergency restraining order to halt the launch of TON, planned for October 31.

Now SEC’s court hearing has been set to February 18-19. In a letter to investors, the TON Board shared that they see this delay as good news and will use the time to strengthen their position that Gram is not a security.

As COIN360 reported earlier, presidential Internet Ombudsman Dmitry Marinichev believes that the battle with regulators will eventually be beneficial for TON, as it will ultimately legitimize Telegram’s Gram coin.