Telegram’s investors have agreed to postpone the launch of the Telegram Open Network (TON) blockchain, The Block reports citing Forbes Russia.
Telegram was slated to launch TON on October 30 but was blindsided by a Securities and Exchange Commission lawsuit claiming that the company’s 2018 token sale was illegal.
As such, the messaging app giant wrote to investors saying that it plans to push the launch date to April 30, 2020. Any sort of delay, however, would trigger a clause Telegram had with its investors:
These investors had to sign a form approving the deadline extension before Oct. 23. If not, there was an option for investors to get back “approximately 77 percent” of their money back.
A source close to Pavel Durov, founder of Telegram, told Forbes that Telegram will officially announce the decision of investors today.
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