Telegram, an encrypted messaging platform, is an up-and-coming blockchain that was initially set to release on the 20th of October. However, the investors have agreed to delay the launch to April of next year, in light of legal issues currently happening.
While initially set to launch in October, Gram has had its progress halted by the Securities and Exchange Commission (SEC). The SEC sent an emergency restraining order Gram’s way, ordering them against the launch. The SEC had alleged that Gram tokens, the digital assets of the Gram blockchain, are considered securities. Thus, Telegram was violating US Law by selling unregistered securities to prospective investors.
No Refunds! (I don’t want it)
Telegram was extremely confident in its new blockchain. In the original whitepaper, they actually guaranteed a full refund of its investors should Gram failed to launch at the specified time.
Inherently, there’s nothing wrong with that. Gram was very confidently on its way to achieve launch until the SEC threw a stick in the gears. While the hearing for the SEC’s legal case against Gram was set today, the Judge postponed it until the 18th of February, 2020. Obviously, with a legal case in the air, Gram couldn’t launch its product. Thus, even though it was entirely ready for launch, the blockchain ran the risk of losing all its money then and there.
A letter addressed to the Gram Investors, went as follows. It explained that the February hearings would be different from the 24th October hearing. The Letter stated these hearings should only warrant considerations of postponement, rather than a complete dissolution of the project. They also, as a matter of course, promised that both Telegram and its advisors were going to use the extra time to be well-prepared for SEC’s case against them.
Forbes Russia managed to reach two anonymous sources that were allegedly close to Telegram’s team. Through them, they determined that the investors actually voted against this move. They didn’t want their investments returned and instead voted to delay the release until the 20th of April.
Gram had to do two rounds of voting to facilitate both investment rounds the blockchain had received. They had to handle each group of investors individually, giving them the option to opt-out of the investment and receive 77% of their funds back. Luckily, both groups opted out of the refund, still seeing the potential gain in this venture.
How this matter will play out remains to be seen in February of next year. The sad fact is, if Telegram can’t successfully launch its blockchain, it will lose a substantial amount of reputation among investors. Hopefully, the encrypted message platform has the chops to take the SEC on.