Durov Offers TON Investors to Repay Investments Through Sale of Telegram Shares
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April 30, 2020

UPDATE: Initially it was reported that investors might get repayment in Telegram shares as an option. In fact, investors were offered to provide Telegram with a loan. Telegram may need to sell some equity later to get the money to repay the loan, but repayment in equity was not offered as an option, Telegram's representative told iHodl.

Russian media outlet The Bell citing the forwarded letter from the Telegram team has found out the details of a new possible agreement between Telegram Open Network (TON) investors and Telegram.

According to the media, the new deadline for launching the TON blockchain and the release of the Gram cryptocurrency is set on April 30, 2021.

In a letter to investors, the company says investors have the right to claim 72% of investments back and attaches the form of the relevant contract. However, investors can also receive 110% of their initial investment if they sign a loan agreement for another year.

If Telegram fails to receive the necessary permissions for the release of the Gram tokens in the US before April 30, 2021, Telegram is going to return investment by selling its shares, which currently belong to its founder. The cost of Telegram will exceed the amount of generated debt to investors at least several times, the letter said.

Investors have time to decide until the end of this week.

Earlier iHodl reported that the US District Judge P. Kevin Castel rejected Telegram's request to distribute its Gram tokens to non-US investors.

According to the judge's ruling, Telegram's claim that non-US investors will not sell Gram tokens to US investors is unconvincing.

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