A few years ago, the messaging app Telegram announced the creation of a blockchain called the Telegram Open Network (TON). It will have its own coin called a Gram. You will be able to buy and sell items on Telegram using Gram. It would be as fun as buying and selling stuff on Facebook with Libra, if it really existed. It is not. The U.S. Securities and Exchange Commission says while it can compete with the dollar in trade and the Federal Reserve, no fan of cryptocurrencies other than the central bank’s own digital dollar, put a kibosh on Facebook’s digital currency wing, known as the Diem Association.
Things are falling apart.
Not like Telegram, I guess. Telegram has what Facebook wants.
After the SEC killed Gram, Toncoin became a new option, an alternative to Gram, which is more like investing in Telegram itself. Toncoin is different, and not an investment in Telegram. The two are separate legal entities according to the Telegram press office – a fact that is challenged by many Gram investors. But Toncoin, like Gram before it, is the original cryptocurrency of the Telegram messaging app.
In January 2022, there were approximately 200 thousand active wallets holding Toncoins. By the end of May, the number was approaching 600 thousand.
TON Blockchain is one of the most profitable technology projects created by Russian -backed capital and brain power. Pavel Durov was the star of the show, hailed as a saint for seeing Russian intelligence officers known by the acronym FSB before being exiled.
Durov came up with the idea – though perhaps not his own – to do his initial coin offering in 2018 to create his own Telegram digital trading platform in the messaging app, one of the largest in the world after WhatsApp and WeChat.
Telegram raised $ 1.7 billion from 171 investors, including Russian billionaires Roman Abramovich and Yuri Milner; Qiwi founder Sergei Solonin; Russian businessman Said Gutseriev; Co-founder Wimm-Bill-Dann, European dairy giant David Yakobashvili and others, set out to develop the project-essentially Telegram’s e-commerce ecosystem supported by Gram coins as the currency of choice.
Gram already blocked by the SECand Telegram must return the money to investors.
On June 26, 2020, the court approved a settlement agreement between the SEC and Telegram Group Inc. and its subsidiary, TON Issuer Inc. panyokro bowo if an unregistered Telegram digital token (Gram) violates U.S. federal securities law. The defendants agreed to return $ 1.2 billion to investors and paid a $ 18.5 million fine.
Telegram offers to repay investors to the Telegram Open Network in 2018 by immediately receiving 72% of their investment or debt to Telegram within a year, then paid in cash, Gram or other crypto, with an additional 10% bonus.
About 70% of that has returned. Others do not. Institutional investors lose capital including Russian investors Zotobi Management Limited (Igor Chuprin) – $ 280,000 loss – and The capital of Da Vinci – a loss of $ 20 million, according to a report by Forbes Russia.
For U.S. investors, they are must take 72% refund and out of the Gram token project, while non-US investors have chance to receive 110% of the amount invested. This seems to be a Telegram decision, not the SEC. and
From where the investors were, the Gram project had become a TON project (now abbreviated “Open Network”), and they wondered why they couldn’t get paid from the results instead of being forced to lock in losses. . Toncoin has been completely diluted close the market approximately $ 5 billion, though this capital was raised by individual crypto investors, including retail investors.
According to some Telegram investors who want to remain anonymous because of a legal battle with the company, the main architecture of the TON Network is made with money collected from investors in Gram. Investors who are now suing Telegram say they eventually funded Toncoin but did not get a return on the investment. This is the essence of the story.
“Toncoin developers run the risk of accepting claims from former investors of the Telegram blockchain platform,” said Slava Semenchuk, a Russian venture capitalist and well -known cryptocurrency project investor. told Forbes Russia. “Investors don’t receive all the money anymore. Nothing has changed in a TON, not even the code,” he said.
But the TON Network is a separate legal entity, the Telegram press office said. TON is unrelated, as Durov said on social media. Even the word “Telegram” has been removed. Some investors find that suspicious.
Toncoin has always been intended for the general public, while Gram is only for certain accredited investors.
Still, Toncoin is an investment like any other cryptocurrency.
In Russia, the rapper is well -known Morgenshtern announced in January he bought Toncoin. Just as Elon Musk announced that he was buying Dogecoin, the price of Toncoin rose 20% after the rapper announced crypto trading. At the same time, Morgenstern opened a news channel on Telegram, which is actively advertised on its messaging app and gathered 1.3 million viewers in a matter of weeks, as an ode to the popularity of Telegram and Toncoin as investments for retail crypto bros.
“At some point, the Telegram community announced that the TON Network was no longer a test network, but could be used, and changed the name of the Gram test to Toncoin,” he said. Forbes Russia reported years ago.
Those who did not make the whole of the ICO canceled, suing to get paid from TON Network, the same network claimed they invested in the first place.
“These investors don’t get the opportunity to exchange Grams for Toncoins,” said one representative of a group of investors who wished to be anonymous. “Gram’s transaction for Toncoin, and not just at the project testing level, will attract the SEC’s attention and stop all Gram scams if Gram is now Toncoin.”
Of the five billion Toncoins, 4.9 billion, or 99% of the volume of all coins, were concentrated in the hands of an unknown group of whales. Commonly the coins are kept in about 100 undisclosed whale wallets, a common investor euphemism to describe major shareholders.
Telegram announced The official launch of crypto payments in the messaging app in May, and the only cryptocurrency for transactions in the Toncoin app, despite the different coins. It seems clear that TON Network and Telegram have some managerial and investor connection, if not a legal relationship.
Plans to make Toncoin an official Telegram coin were announced shortly after the TON Foundation was brought in former Durov colleague Andrew Rogozovfriends from the back of the day VKontakte – the largest social media platform in Russia.
“Facebook couldn’t issue the Libra currency, but Pavel and Telegram succeeded,” said one person involved in the setting who did not want to be named for the record. “Apparently all it takes is to change the name of Gram to Toncoin and make some claims that Telegram is unrelated. But the truth is – no other cryptocurrency has had the opportunity to merge into Telegram like Toncoin.
The Telegram did not confirm or deny that some investors had not yet done so. He said that the company is “by performing its contractual obligations under the Purchase Agreement with all investors in 2020. In addition, many investors are happy with a good offer to receive 110% of their initial investment in 2021. All TON investors are famous in the world. We speak knowingly the nature of the obstacles we face and respect the way we handle them.
Did Telegram violate the settlement agreement with the SEC? The settlement requires Telegram to return funds to investors, impose significant penalties, and requires Telegram to provide notice of future digital offerings. Toncoin matches the bill. that what the suffering investors are saying follows one of the founders of the most popular technology in the world, and may be an alternative to WhatsApp. This happens when crypto suffers a defeat, and tests the patience of investors.
Telegram faces the legal risk of further prosecution by the SEC with more serious legal consequences for Telegram and its investors. It also puts retail Toncoin owners at risk because new claims from the SEC will trigger a wave of sales that will push the token price deeper into the avalanche of all cryptos finding themselves blanketed at the moment.