Telegram Inc., a company behind cloud-based messaging service, has started paying back loans to investors of the Telegram Open Network (TON) project, Russian media The Bell has learned, citing several investors.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The refund will get those investors that have agreed to wait until April to get a 110% refund. To repay the creditors, Telegram raised in March this year $1 billion with a 5-year convertible dollar bond at 7% per annum. The minimum bond placement was reportedly set at $50 million. Bonds are placed until 2026, with the first coupon payment scheduled for September 2021.
Last May, Pavel Durov announced the closure of TON. As the main reason for the closure, Durov cited a US court which "stopped TON from happening." He also reminded the US court declared that Grams could not be distributed not only in the United States, but globally as well.
Later, Telegram agreed to pay $18.5 million in penalty and notify the US Securities and Exchange Commission (SEC) in case of issuing any digital currency within the next three years.
If you are looking for a crypto trading platform to trade your assets, visit Gozo.pro, a safe and reliable exchange.