Telegram, the creator of the failed Gram (GRM) token and the Telegram Open Network, or TON, was effectively into investor reimbursement weeks earlier than a courtroom in the US dominated that the firm had to return $1.2 billion.
A U.S.-based TON investor tells Cointelegraph that he bought his 72% refund from Telegram in late Could 2020. In response to a financial institution assertion seen by Cointelegraph, the investor acquired $7.2 million out of the unique $10 million funding by a wire switch.
Telegram CEO says that the agency has repaid over $1.2 billion already
The investor’s assertion backs up Telegram’s latest announcement that the agency already paid out greater than $1.2 billion to buyers that participated in its $1.7 billion preliminary coin providing, or ICO, again in 2018. Quickly after the U.S. Securities and Trade Commision (SEC) proposed a $1.2 billion settlement to the case on June 25, Telegram CEO Pavel Durov claimed that the agency has already repaid greater than $1.2 billion.
In his June 25 Telegram put up, Durov specified that the quantity was paid to buyers both immediately or within the type of loans. He wrote:
“At present’s proposed settlement reconfirms our dedication to repay the remaining funds to purchasers underneath the Buy Agreements. We’ve already repaid greater than 1.2bn to the purchasers both immediately or within the type of loans.”
Are buyers actually happy with a 72% refund?
As beforehand reported, Durov first introduced a reimbursement scheme for TON buyers on April 30, weeks earlier than the TON challenge was formally terminated. On the time, the Telegram CEO provided two choices — a right away 72% refund, or a 110% refund in 12 months. Whereas nearly all of buyers apparently decided to get the 72%, some TON buyers voiced concerns over potential lawsuits from buyers unhappy with the refund plan.
American TON buyers had been only offered a 72% refund as a substitute of a alternative between the 2 choices. Accounting for about $420 million of TON’s $1.7 billion ICO, U.S. buyers weren’t eligible for the 110% reimbursement possibility resulting from Telegram’s apprehension about additional dealings with U.S. regulators.
In an April 29 investor notice seen by Cointelegraph, Telegram wrote:
“Sadly, in gentle of the latest US district courtroom determination, we’re unable to difficulty Grams to you by the 30 April Deadline Date. Accordingly, underneath the phrases of the Buy Settlement, we owe you the Termination Quantity. We’re hereby honouring our plan communicated to you in October 2019 to repay 72% of your authentic funding.”
It’s nonetheless unclear why the SEC requested for $1.2 billion as a substitute of $1.7 billion
It stays unclear whether or not Telegram has reimbursed all of TON buyers up to now. Additionally it is unclear why the SEC got here up with a $1.2 billion settlement as a substitute of $1.7 billion initially raised within the TON ICO.
Philip Moustakis, legal professional at Seward & Kissel LLP and former SEC counsel, believes that it isn’t clear precisely how the events reached the $1.2 billion settlement. Moustakis mentioned:
“It’s tough to know what offsets to disgorgement, if any, the SEC credited in arriving at a settlement with Telegram, or the diploma to which the ultimate quantity displays compromise between the events.”
