Telegram Postponed Gram Token Till 30 April 2020

Telegram have notified investors that the TON Blockchain project has been postponed from its initial launch date of 30 October.

Telegram sent an email to all investors notified that the GRAM tokens launch date is postponed to 30 April 2020. Telegram made this decision after the Securities and Exchange Commission (SEC) halts the TON Blockchain project.

The email sent to investors includes:

“We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and intend to vigorously defend the lawsuit. We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other governmental authorities in advance of the launch of the TON network.”

Telegram further added that the extended time is advantage for developers and tester to find any errors. The deadline is postponed by voting of majority token holders as claimed in the email by Telegram.

The investors are divided into two groups those bought Gram Token in first private sale and others that bought Gram Tokens in second round of private sale. It is possible that the one group is agrees to extend the deadline while the others declined. Telegram explained:

“In these circumstances, we propose to make certain limited amendments to the terms of the purchase agreements that remain in place to reflect the fact that fewer Grams will be issued and in circulation on the Network Launch Date.”

The second round investors must sign the postpone agreement before 23 October. If majority of the holders decline to sign, Telegram will return 77 percentage of their investment.

The first round of investors gets a special invitation from Telegram. The email ends with “We look forward to receiving your support to ensure we can proceed with our vision for TON”.