Sergey Solonin, co-founder of the Qiwi group, whose investment in TON amounts to $17 million, has decided to renew his investment as a loan to Telegram, according to a report by Forbes Russia, May 16.
Telegram agrees to hand over its ICO documents to the SEC
Problems with Telegram Open Network (TON)
After Telegram’s well-documented court battle with the U.S. Securities and Exchange Commission (SEC), the company missed the April 30 deadline for launching the TON network and was prohibited from distributing its Gram bonds.
Investors were given until Friday, May 15 to decide whether to accept an immediate refund of 72% of their initial investment, or to provide the money as a loan, receiving 110% of its value on April 30, 2021.
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The hope at the time was that the investors who chose the loan option could have received a Gram, or other crypto currency, once the dispute with the SEC had been resolved. However, Telegram has since publicly abandoned the TON project, as reported on May 12.
Solonin estimates that 30% of the investment will be transformed
Solonin’s decision to take the loan option on its $17 million investment means that it will receive $18.7 million at the end of the term.
He believes that about 30% of the $1.7 billion raised by investors in the 2018 Initial Currency Offering (ICO) will be converted into loans. This would leave Telegram with an obligation with the rest of the investors of about 500 million dollars.
I think that should be enough for a year’s work, considering the risks of the SEC-relationship arrangements. I hope that during this time Pavel will be able to find revenue streams or a way to fund the company later.