Majority Of Telegram ICO Investors Preferring To Leave Ship Early
- Reportedly, around 80% of investors from the Disruptive Era Fund are preferring the 72% refund option.
- Some, like the executive director of investment firm Exante, Anatoly Knyazev, have already received their refund.
Telegram CEO Pavel Durov. Arabian Business
It seems that the majority of TON investors will opt out for the 72% immediate refund, instead of the 110% in a year, Forbes Russia reported on 16 May.
According to the report, the majority of TON investors have decided to get their money back as quickly as they can, instead of waiting one year for potential gains. According to two investors from the Disruptive Era Fund, one of the biggest TON investors, around 80% of the fund’s investors are preparing to withdraw their investment from the project.
Though the decision has yet to be finalized, the majority of the investors seems to have chosen that option. Disruptive Era Fund has reportedly invested more than $70 million in Telegram’s $1.7 billion project. The CEO of Sun Crypto Management, Egor Vinogradov, reportedly said that among his acquaintances “everyone took 72%”.
In April, the founder and CEO of Telegram, Pavel Durov, decided that the TON project will need another year before it is released, and so he presented a choice to the investors. They could either accept an immediate 72% reimbursement, or wait until April 2021 to receive 110% of their investment back. In direct response to Telegram’s decision to delay the project one more time, the “Free TON” community decided to launch their own version of the network at the beginning of May.
On 12 May, Durov decided to officially terminate Telegram’s involvement in the blockchain project, citing a preliminary injunction from March, which the U.S. SEC won, that barred Telegram from launching TON or distributing its native Gram tokens anywhere in the world. Though the long-running legal battle with the U.S. regulator has ended, Telegram still needs to sort out the $1.7 billion it made during its ICO.
Though not everyone, some investors have reportedly already received their 72% reimbursement. The executive director of investment firm Exante, Anatoly Knyazev, revealed to Forbes Russia that Telegram has already refunded his investment.
- Popular Telegram bot Unibot, which is used to snipe trades on Uniswap, became a victim of a token approval exploit earlier today, when it was switching to a new router.
- After confirming the exploit, Unibot assured users that their keys and wallets were safe, and that the project will compensate all affected users.
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- Signed by a judge on Friday, the final judgement requires Telegram to pay back $1.2 billion to investors.
- The firm will have 30 days to pay $18.5 million in penalties, and is also required to notify the SEC if it plans to issue another digital asset in the next 3 years.
- The firm has now dropped its appeal against the U.S. federal court’s injunction, which forbade the distribution of its Gram tokens.
- Though Telegram has thrown in the towel, the TON blockchain dream is not over, with the “Free TON” community’s launch of their own version of the project.