Telegram Blockchain Project
The Telegram’s blockchain project is facing difficult situations as investors are demanding their funds back. The social media giant also slams from the US federal court claiming that the tokens’ distribution violates the SEC’s rules and regulations.
Refunding of 72% Invested Funds
The Russian local media outlet reported that nearly ten big investors asking Telegram for refunding as the project does not seem to launch on the expected date amid failed court’s response.
The head of Russian-based crypto investment company Hash CIB, Yakov Barinsky, says that investors are losing confidence in Telegram Open Network (TON).
‘’What I see now among various investors is that many, at least 10 investors with whom I spoke, are inclined to take away 72% of the invested funds.’’
Federal Court Ruled Against the Project
The backers were waiting for the company to approve from SEC but still, it seems difficult as Judge ruled very aggressive remarks. This influenced the TOM project’s backers to take their investment back. The United States Securities and Exchange Commission (SEC) doesn’t want from Telegram to issue tokens. And they are successful so far as judge rules against the tokens’ issuance.
The New York Court said while hearing the case:
‘’Considering the economic realities under the Howey test, the Court finds that, in the context of that scheme, the resale of Grams into the secondary public market would be an integral part of the sale of securities without a required registration statement.’’
On court’s recent rulings, the head of the TON France Community, Philippe Rodriguez, said while talking to Cointelegraph:
‘’This [ruling] opens an important debate on the validity of the Howey Test in the context of the creation of a crypto money and financing by a token that is intended to circulate after its purchase.’’
However, the TON community is very optimistic about the project and expects that it will launch soon, removing every hurdle in its path. Fedor Skuratov, the founder of TON Community Foundation stated:
‘’No one can prevent the launch of TON by any other entity, person or a community, [be]cause TON is a decentralized open-source solution. Already, there are two different test networks, and within the community, there is at least 1 group planning to launch the third.’’