Telegram Open Network investors agree to postpone network launch

According to information obtained by Forbes Russia, the majority of Telegram Open Network (TON) investors agreed to postpone its launch to April 30, 2020, rather than demand their money back. After the SEC halted the distribution of TON’s $GRAM, initially scheduled for Oct. 30, investors received the option to either push back the launch date or reclaim ~77% of their initial investment. The new release date still hinges on the outcome of an SEC hearing slated for next year.

Why it matters:

• The postponement reflects the financial commitment of investors in TON. Telegram managed to raise $1.7 billion in a pair of early 2018 private token sales, and the 23% in losses (a total of $391 million) investors would incur by bailing on the project now were too steep.
• Investors also believe the gamble to profit from future GRAM holdings outweighs the risk of the SEC continuing to delay the TON launch or reaching an unfavorable verdict on the legal classification of GRAMs.