TON Investors May Not Receive Refund Due to Delay

This point was stated in the Gram purchase agreement, which was signed by the TON's ICO second stage investors
14 October 2019   782

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.

David Yakobashvili
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."


Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   980

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.