Investors who invested in the Telegram Open Network (TON) have agreed to extend their purchase agreements. During the initial coin offering (ICO) that consisted of two rounds, Telegram raised no less than $ 850 million. The proceeds, however, seemed to be compromised by a complaint from the Securities and Exchanges Commission (SEC).
At the beginning of October, it came out that the SEC was suing Telegram for holding an illegal ICO. According to the SEC, Telegram sold securities to investors without properly registering them with the regulator.
Moments later, the first hearing of the case was postponed to February 2020, jeopardizing the launch of the TON. This is because TON would be launched on 31 October, which is also the moment that was laid down in the agreements with the investors. They would receive their gram (GRM) tokens on that date.
As a result, Telegram asked the investors to agree to postpone the launch. During a voting round, investors could choose to postpone the launch or to get back 77% of their initial investment. A majority of the two investor groups have now agreed to postpone the launch.
An anonymous investor tells Coindesk that he hopes to earn more money, despite being “sure that Telegram will not get things sorted out with the SEC.” The investor continues:
There is a chance that we would get more than we would receive if Telegram gave us the investment back, and in the end, we didn’t invest that much.
During the same voting round, the investors also agreed with another change. As a result, Telegram is allowed to use $ 80 million of investment income to further develop the TON ecosystem.