Investors Back Telegram’s TON Amid SEC Turmoil: A Closer Look

Investors Vote to Hold Steady

In a twist that rivals any soap opera plot, investors in the Telegram Open Network (TON) and its hefty $1.7 billion Gram token sale have decided to stick around instead of cashing out. According to Forbes Russia, the vote, which included stakeholders from both rounds, resulted in a majority agreeing to postpone the project’s launch until April 30. Talk about faith in the system—or perhaps just a massive game of poker!

SEC Interference: A Plot Thickens

The Securities and Exchange Commission (SEC) threw a wrench into Telegram’s plans, declaring its token offering illegal. Originally set to launch on October 31, things have taken an unexpected turn, much like every romantic comedy you’ve ever watched. Telegram’s agreement with its investors was straightforward: fail to launch on time, and they get their money back. However, with the deadline for a potential 77% refund having just passed, investors have opted for a leap of faith instead.

Financial Implications and Investor Confidence

Telegram can breathe a sigh of relief, as this endorsement allows the company to tap into another $80 million of the funds raised. Investors are likely hoping for a significant pay-off when the dust settles. One source close to the Telegram brain trust, Pavel Durov, indicated that the decision will be officially announced shortly—because nothing says “we have everything under control” like a public vote!

A Court Date to Remember

Mark your calendars—February 18-19 is set to be a critical time for Telegram as they face court hearings challenging the SEC’s ruling. Telegram’s argument? The Gram token is not a security. Unlike trying to convince your cat to get back in its carrier, this will require some solid evidence and arguments from their legal team.

What Could Force Majeure Mean for Investors?

In a recent development, discussions surrounding a “force majeure” clause in Telegram’s purchase agreement have emerged, adding another layer to this drama. This clause, which includes natural disasters, terrorist threats, and apparently, regulatory hiccups like we’re seeing, could play a role if investors decide to revisit the refund option. Legal gymnastics could ensue, so grab your popcorn!