Telegram Blockchain: Investors Patience Runs out on Project, Asks for Refund

To date, investors in the Telegram blockchain project have been reasonably patient. While the giant social media company held talks with the SEC, two alternatives had earlier been offered.

They can either ask for a refund of 77% of the sum they have invested or wait another six months for the tokens to be circulated. Investors at first opted for the first alternative, implying that the GRAM tokens may be issued in April. It seems, though, that they are constantly voicing their concerns.

All of this seems like the Telegram blockchain project may be about to encounter a further obstacle. As per a local Russian media outlet, at minimum 10 major investors are ready to press for their investment back.

As per Yakov Barinsky, chief of Russian crypto investment company Hash CIB, quoted in TASS, Telegram investors already had enough. He reported that at least 10 big investors in the Telegram Open Network (TON) are now calling for a refund. Barinsky said:

All I see amongst some of the numerous investors is that certain, at minimum ten investors whom I interacted, are willing to take back 72% of the funds invested.

The revelations come from a ruling just this week after a federal judge in New York City. The court found that the sale of gram tokens would violate U.S. securities law. The Judge ruled:

In the light of the economic realities of the Howey test, the Court concluded that, in the sense of that system, the reselling of Grams to the alternative regular market will be an essential part of the selling of securities without the requisite declaration of approval.

This implies the investors would probably be waiting much further than six months for their GRAMs. Unless, in truth, they get to see the sunlight of a day.

Present Market Scenario Not Encouraging
Also to worsen Telegram’s plight, the global economic downturn is probably not helping. As investors are choosing the best option for investment resources right now, stuck in an unknown Telegram blockchain project isn’t the solution. Barinsky commented on the refund alternative:

Despite what’s unfolding in the financial markets, the proposition now actually looks better than it does in October.

On reasonable grounds, Telegram hasn’t lost everything yet. After all, a temporary restraining order is just:

It is not a definitive order and Telegram is most appealing. The result of that, though, is anybody’s assumption.

Surely the best aspect which seems obvious is that this entire mess is going to go on for a considerable time–and investors are becoming less unwilling to wait.