Telegram’s eagerly awaited TON network unveiling and the introduction of tits Gram token could be postponed for about six to twelve months, according to investors in the project.
Forbes Russia reported that two unidentified investors in the $1.7 billion project have claimed Telegram has already admitted it will delay the launch “by a minimum of six months”.
Telegram had been keen on an Oct. 31 rollout, but was last week shocked when the U.S regulatory Securities and Exchange Commission (SEC) issued an injunction against the company, suggesting that the Gram’s two-round private initial coin offering (ICO) was unlawful.
The chat app provider, which is led by “Russian Mark Zuckerberg” Pavel Durov, has also been asked by the SEC to appear for a legal hearing on Oct. 24.
The sources claimed that Telegram now intends to desist from making further comments to investors or the media until after the hearing.
Per Tass, which says it has talked to a crypto expert who is in connection with a syndicate of TON investors, the hold-up could last for up to twelve months.
One of the Forbes sources said that “Durov’s team is confident that it will be able to resolve all its disputes with the SEC” in the six months or more timeframe before Gram is finally introduced.
Meanwhile, Tass stated:
“According to investors, the possibility of postponing the launch of TON for six months or a year is now being discussed.”
Lawyers claim that Durov and his team are aware that they could look to resolve the matter by returning investments to 39 America-based investors, after which they could then surge forward with the token release with or without the SEC’s approval.
Nonetheless, the company may be encouraged by the recent case of EOS operator Block.One, which accepted a settlement deal with SEC. Block.One paid a sum that amounted to just 1% of the $4 billion it raised in what the regulator termed an “unregistered” ICO in 2017-2018.