What was supposed to be one of the greatest successes in crypto world history was one of his biggest disappointments. When Telegram, the company behind the e-mail application of the same name, announced that it would abandon the Telegram Open Network (TON), its project to create its own blockchain. Now we comment that most TON investors accept the offered withdrawal of 72% of their investment.
Many saw this cryptocurrency as the last hope for the crypto world. Well, the cryptocurrency from Telegram, Gram, as well as the blockchain, Telegram Open Network (TON), seemed to be the ones that were labeled as the big proponents of blockchain-owned decentralization.
Proposed a model that contradicts the model set by Facebook when building the scale. With a consortium of large private companies of international standing that have practically absolute power over the development of the virtual currency. Centralize management and violate what many see as the core of blockchain technology.
Rather, TON should be a completely decentralized blockchain. This, despite being operated by Telegram, would be completely under the control of its users and create synergies with other cryptocurrencies like Ethereum.
However, legal issues arose when the U.S. Securities and Exchange Commission (SEC) accused Telegram of illegally selling financial assets. The pre-order of 2.9 billion grams, TON’s cryptocurrency, will raise $ 1.7 billion without registering the sale with the SEC.
Refund proposal for the telegram
Under pressure from the US regulator, a few days ago Telegram decided to reject the idea of introducing TON. Completely cancel the project to avoid further conflicts with the U.S. judiciary. This has put Gram’s pre-sale investors in a difficult situation, as the tokens they are said to have bought will never exist.
Therefore, Telegram has offered TON investors two alternatives. That could get 72% of the value of their investment in TON right away. Or if you have a little more patience instead and wait 12 months, you will get 110% of the value.
However, this second offer does not seem to have convinced TON investors. Most of which, according to a Forbes Russia report, have decided to accept the immediate refund of 72% of their investment. In what can be interpreted as a sign of distrust of Telegram’s long-term promises. And that’s why we’re here at CryptoTrend for today’s data.