Encrypted messaging app giant Telegram has postponed the launch of its TON blockchain for a second time on April 29. Telegram also announced to offer to return up to 72% of each investor’s stake. The encrypted messaging giant first postponed the launch of TON in October 2019, and now it has postponed it for the second time till April 2021. The company had raised $1.7 billion in the initial coin offering back in 2018.
Telegram makes an offer to its TON investors.
Back in October 2019, when Telegram was a few weeks away from launching its gram tokens and its blockchain network TON, the US SEC filed a lawsuit against the company for conducting an illegal ICO. TON is offering its investors an alternative option to receive 110% of the original investment by April 30, 2021, which is 53% higher than the Termination Amount, or investors can take 72% of their stake now. The launch date for the TON network was set April 30, 2020, when SEC filed the lawsuit back in October 2019. Telegram also informed that they are engaging in discussions with the relevant authorities to launch TON.
Telegram will repay the debt using the equity.
The encrypted messaging giant further informed that if regulators continue to block the launch of TON, the company will repay the debt using the equity. Currently, Telegram is entirely owned by its founder and CEO, Pavel Durov. Citing Telegram’s recent growth to 400 million monthly users, the company believes that the equity value will exceed the aggregate amount of its potential debt resulting from this offer by at least several times. According to several sources, Telegram had been planning to launch the project just days before the final decision to postpone on Wednesday.
The ton.org website also went online, duplicating the information earlier published on the test.ton.org, which contained code for the TON testnet. TON investors and developers launched a TON Community Foundation, which is an informal group that has been planning to launch its own fork of TON in case Telegram failed to do so.