A temporary ban on the release and distribution of the Gram cryptocurrency of the Telegram Open Network (TON) project is equivalent to force majeure on a par with natural disasters. Most likely, Pavel Durov will not have to return $ 1.7 billion to investors even in the event of a delay in launch, writes The Bell.
The corresponding provision is contained in the Gram purchase agreement, which was signed by the participants of the second stage of the ICO. Its authenticity to the publication was confirmed by two investors.
The actions of the authorities and the application of legislation or regulations are called force majeure in the document - along with force majeure circumstances, floods, fires, earthquakes, the outbreak of hostilities, etc. The onset of force majeure releases the Gram issuer from the obligation to contribute to the transformation of Gram into the main currency of Telegram through the introduction of TON wallets into a messenger.
It is clear that the project will not have to return money to investors, however, the publication is not taken.
Recall, on October 11, the US Securities and Exchange Commission (SEC) announced the adoption of "emergency measures and restrictions" in relation to two offshore companies associated with the TON token sale.
The Commission believes that Telegram illegally distributed unregistered securities in the United States and abroad, so the company managed to raise $ 1.7 billion. Telegram Group and TON Issuer Inc. sold at a reduced price “approximately 2.9 billion digital tokens called Gram 171 to the original buyer. In particular, 1 billion tokens were sold to 39 American buyers.”
Anything can happen, the project is big, problems are possible.
Invested $10M in TON
Another investor admitted that immediately after the announcement of the US authorities, he managed to talk with a dozen "comrades in misfortune."