TON investors agree to delay the launch of Telegram Open Network

TON Investors agree to delay the launch of the Telegram Open Network (TON) blockchain platform to April 30, 2020. The agreement was made by the majority of TON investors and therefore, the refund option is off the table.

Two sources close to the Telegram team told Forbes Russia. According to the Forbes source, the decision to extend the network launch will be officially announced on Oct 24.

Last week Telegram wrote a letter to TON investors that in order to resolve the recently SEC issued restraining order, the team had to delay the launch of TON and issuing grams tokens from Oct 31 to Apr 30.

Investors were asked to sign a form approving the extension before Oct 23. If the majority chooses not to sign, these investors can get back “approximately 77 percent” of their money. The majority decision to extend the TON launch now allows Telegram to spend another $80 million of the raised $1.7 billion funds for the project until Apr 30.

The hearing on the SEC-Telegram case was recently changed from Oct 24 to Feb 18 and 19, 2020. Telegram representatives see the postponement of the hearing from Oct to Feb as a positive development.

The team will use the time to ensure that at the February hearing the position of Telegram TON token sale as ‘not a security offering’ is supported as much as possible.