Telegram, the creator of the failed Gram (GRM) token and the Telegram Open Community, or TON, was nicely into investor reimbursement weeks earlier
Telegram, the creator of the failed Gram (GRM) token and the Telegram Open Community, or TON, was nicely into investor reimbursement weeks earlier than a courtroom in the US dominated that the agency needed to return $1.2 billion.
A U.S.-based TON investor tells Cointelegraph that he obtained his 72% refund from Telegram in late Could 2020. In accordance with a financial institution assertion seen by Cointelegraph, the investor obtained $7.2 million out of the unique $10 million funding by way of a wire switch.
Telegram CEO says that the agency has repaid over $1.2 billion already
The investor’s assertion backs up Telegram’s current announcement that the agency already paid out greater than $1.2 billion to traders that participated in its $1.7 billion preliminary coin providing, or ICO, again in 2018. Quickly after the U.S. Securities and Change Commision (SEC) proposed a $1.2 billion settlement to the case on June 25, Telegram CEO Pavel Durov claimed that the agency has already repaid greater than $1.2 billion.
In his June 25 Telegram publish, Durov specified that the quantity was paid to traders both instantly or within the type of loans. He wrote:
“At this time’s proposed settlement reconfirms our dedication to repay the remaining funds to purchasers underneath the Buy Agreements. We’ve already repaid greater than 1.2bn to the purchasers both instantly or within the type of loans.”
Are traders actually glad with a 72% refund?
As beforehand reported, Durov first launched a reimbursement scheme for TON traders on April 30, weeks earlier than the TON undertaking was formally terminated. On the time, the Telegram CEO supplied two choices — an instantaneous 72% refund, or a 110% refund in 12 months. Whereas the vast majority of traders apparently determined to get the 72%, some TON traders voiced considerations over potential lawsuits from traders unhappy with the refund plan.
American TON traders have been solely supplied a 72% refund as a substitute of a selection between the 2 choices. Accounting for about $420 million of TON’s $1.7 billion ICO, U.S. traders weren’t eligible for the 110% reimbursement possibility on account of Telegram’s apprehension about additional dealings with U.S. regulators.
In an April 29 investor observe seen by Cointelegraph, Telegram wrote:
“Sadly, in gentle of the current US district courtroom resolution, we’re unable to problem Grams to you by the 30 April Deadline Date. Accordingly, underneath the phrases of the Buy Settlement, we owe you the Termination Quantity. We’re hereby honouring our plan communicated to you in October 2019 to repay 72% of your authentic funding.”
It’s nonetheless unclear why the SEC requested for $1.2 billion as a substitute of $1.7 billion
It stays unclear whether or not Telegram has reimbursed all of TON traders to date. It’s also unclear why the SEC got here up with a $1.2 billion settlement as a substitute of $1.7 billion initially raised within the TON ICO.
Philip Moustakis, lawyer at Seward & Kissel LLP and former SEC counsel, believes that it’s not clear precisely how the events reached the $1.2 billion settlement. Moustakis mentioned:
“It’s tough to know what offsets to disgorgement, if any, the SEC credited in arriving at a settlement with Telegram, or the diploma to which the ultimate quantity displays compromise between the events.”