Durov offered $305 million for withdrawal from TON

Endy Callahan

The entrepreneur asks American investors to leave TON and will return them $305 million.

Pavel Durov's team sent out new letters to purchasers of Gram tokens as the US is no longer offered to hold back for the introduction of the TON network in 2021 or receive 110% of their savings then. Investors are left with one selection — to receive now 72% of what the venture received from them at the ICO.

As reported by ForkLog, most Russian TON financiers have approved the deal and agree to wait until 30 April 2021 to obtain either Gram assets or 110% of the investment.

One such financier is Sergey Solonin, co-founder of Qiwi, who financed $17 million in the TON project. In an interview with ForkLog, he said that technology is imperative for him in the venture than prospective income.

Unluckily, assuming your position as a US investor and dependent on later negotiations with the appropriate ruling classes and our legal representatives, we have made a challenging choice not to utilize this opportunity because of the indeterminate attitude of governing establishments in America. We apologize for the inconvenience caused by these changes, but we believe that it is in the best interests of all parties to reduce unnecessary regulatory risk.

The American Commission on Exchanges and Securities has a definite attitude to Telegram's closed ICOS: it considers them an unregistered placement of securities. Her lawsuit reports that 39 financiers from the US bought over a billion future Gram tokens worth $424.5 million. Therefore, they will be fortunate to get back $305.64 million, and just under $119 million should have been spent on the development of the Open Network blockchain project of Telegram. Salaries of digital ledger developers in 2018 were $150-$175 thousand per year.

Other investors can either get 72% right now or wait until 2021. If the network does not launch then, Pavel Durov will profit 110% of the financed assets to investors, having received them from the trade of telegram shares. Now the corporation is 100% owned by him. Its cost currently makes $4 - $10 billion. If the launch fails, they will have to return about $1.43 billion— in 2017, TON raised $1.7 billion. By January 31, 2019, the funds invested in the development of TON comprised $218 million.

The founder of the Galaxy Digital crypto bank and the billionaire famous in the crypto industry, Mike Novogratz, expressed the opinion that TON and Gram as another blockchain and cryptocurrency are not needed in the world, and Telegram should be supported in the messenger of bitcoin and stable cryptocurrencies. Earlier, Novogratz said that he tried to participate in the gram presale, but it did not work out. Representatives of Telegram called him "15-20" times, he refused, then changed his mind, but it was too late.

Representatives of Telegram requested all non-resident financiers to authorize their jurisdiction by on 5 May and to direct all signed official papers by 11 May.

Previous circumstances

Primarily, Telegram intended to present Gram and TON   coins before 2019, 31 October, but the US Commission of Securities and Exchange (SEC) obtained a short-term sanction counter to the transactions with Gram and indicted the corporation of selling digital assets unlawfully. Following that, the business suspended the platform launch to April the current year, expecting to end the proceedings by that period, but the inquiries about the launch are continuing.

Meanwhile, RBC has learned that soon, TON OS, an operating system for the TON blockchain platform, will appear in the Play Market and AppStore app stores. Installing TON OS on the device will allow IT to work with applications on the digital ledger. It is important to note that the TONOS application is not from the Durov Company, but from a third-party blockchain development company ON Labs.