Telegram to return $1.11 billion to investors
The cryptocurrency market is full of surprises. Without an effective strategy many investors run the risk of losing their investments. Reportedly, Telegram investors were placed in a similar situation.
On June 29, it became known that the US District Court for the Southern District of New York prohibited Pavel Durov, the founder of Telegram, from launching Telegram Open Network (TON) blockchain platform and the Gram cryptocurrency.
The court concluded that the parties should enter into settlement with the US Securities and Exchange Commission (SEC). Moreover, the court ordered Pavel Durov to pay a $18.5 million fine to the American authorities and return $1.22 billion to investors.
According to the founder of the Telegram messenger, the company previously compensated its investors for the loss of more than $1.2 billion. These were both direct payments and cash reimbursements in the form of loans.
Based on the settlement, within three years, the company is obliged to inform the SEC of its intention to participate in the issue of any cryptocurrencies, digital coins, and other assets created by means of blockchain technology.
Experts estimated that the volume of investments in the TON and GRAM project reached $1.7 billion. In case of a successful launch, investors expected to receive 2.9 billion tokens. According to the media, there were several Russian billionaires among project investors.
Earlier, Pavel Durov had planned to postpone the launch of TON to April 2021. However, the developers at TON Labs disregarded his decision. They established the Free TON platform, hoping to transfer free TON tokens to the project participants. As a result, the situation went out of control and investors lost their funds.
According to Pavel Durov, the company will continue working on other innovative projects after the execution of the court order. Durov expressed his hope for more favorable conditions for the development of blockchain technology in the United States in the future.