Soon after missing the Apr 30 borderline to launch the Telegram Open Network (TON), Telegram sent another letter to its investors. In the new letter, Telegram reportedly said that American TON investors will non be able stay in the TON projection for another 12 months.

American TON investors will be only eligible for an immediate 72% repayment instead of a 110% refund option in April 2022, Russian news agency RBC reports on May 4.

Telegram had to retract the 110% pick due to regulatory incertitude in the U.Due south.

The news comes after Telegram offered to refund its investors on April xxx. As reported, the firm proposed ii options — an immediate 72% refund, or 110% in 12 months. The house offered the second option every bit a "a token of gratitude" of trust in TON, promising to provide interested investors with a loan understanding presently.

According to an investor letter seen by RBC, Telegram had to retract the second option for its American investors due to "uncertain opinion by regulatory government in the United States."

Court ruled confronting Telegram on March 24

Telegram has been struggling to sort out regulatory issues with the U.S. Securities and Exchange Commission (SEC) to launch the TON network and its native Gram (GRM) token since October 2022.

Having started the project in 2022, Telegram was preparing to launch the TON network in late 2022. However, the SEC deemed Telegram'due south $1.7 billion initial coin offering illegal (ICO) arguing that the firm violated U.Due south. securities law past conducting the ICO.

In March, post-obit a long-running legal dispute, the U.S. Commune Court for the Southern District of New York tentatively recognized that the SEC has a good chance of proving that Telegram's GRAMs were unregistered securities. As a result, Telegram was prohibited from delivering Gram tokens to investors, at least until trial. Telegram CEO Pavel Durov later offered a refund plan on April xxx, manifestly accepting the court ruling.

Soon after Telegram revealed the investor repayment program, some major figures in the crypto community criticized the TON project. Mike Novogratz, CEO of crypto merchant depository financial institution, Galaxy Digital, and a major Bitcoin (BTC) balderdash, argued that there is no need for either the TON or Gram on April 30. According to reports, the TON network can still be launched past independent validators regardless of the regulatory situation.