Telegram project is in trouble – Supposedly investors are asking for a refund
It looks as if the Telegram Blockchain project is about to face another setback. According to a local Russian news site, at least 10 large investors ready to reclaim their funds.
Telegram blockchain faces further problems
According to Yakov Barinsky, head of the Russian crypto investment firm Hash CIB, quoted in the TASS, Telegram investors have enough. He says that at least 10 Major investors in the Telegram Open Network (TON) now want to request a refund. Barinsky explained:
What I see now with various investors is that many, at least 10 Investors with whom I have spoken are inclined to 72% of the invested money.
The investors in the Telegram blockchain project have been quite patient so far. Since the huge social media company has repelled the horns at the SEC, they were previously given two options.
You could either get a refund of 77% of the amount they invested or wait another six months for the tokens to be distributed. Investors initially chose the second option, which means that the GRAM tokens will be released in April. However, it looks like they're constantly changing their minds.
The news comes after an injunction by a federal judge in New York earlier this week. The judge ruled that the distribution of gram tokens would violate U.S. securities laws. This dish decided:
Taking into account the economic realities of the Howey test, the court found that the resale of grief on the public secondary market was an integral part of this program of the sale of securities would be without a required registration declaration.
This means that investors will definitely have to wait much longer than six months for their GRAMs. If you ever actually see the light of day.
The current economic climate is not helpful
The current economic crisis certainly doesn't help. As investors are desperately looking for the safest place for their funds at the moment, the capital lockout in an unsafe Telegram blockchain project doesn't seem to be the answer.
If you consider what is happening in the financial markets, this offer looks much better now than in October.
To be fair, not everything is lost for Telegram. After all, an injunction is just that: it is not a final injunction and it is very likely that Telegram will appeal. However, the result is only a guess. The only thing that looks safe is that this whole ordeal is likely to last much longer – and investors seem less willing to wait.
Proof of text: bitcoinist
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