Telegram promises to return the money in case of failure of the ICO, but the documents say otherwise

Telegram promises to return the money in case of failure of the ICO, but the documents say otherwise

Representatives of the Telegram stated that he will make a full refund to investors if the platform TON will not be running by October 2019. At the same time, the company released a document that denies the promise.

This writes the Business Insider, citing documents messenger, which appeared in a publication.

The team is so confident of success that promised a refund if the token will not be released by October 2019.

February 16, Telegram spent the first round of the private presale, which brought $ 850 million. A few days Pavel Durov has launched a second round of sales of its cryptocurrencies, hoping to get a lesser amount of investment.

Funding raised in the first round would have done the run a TON (Telegram Open Network), the largest in history. ICO Telegram exceeded Tezoz for more than half a billion dollars.

The company plans to create a platform that can compete with Ethereum. Open network Telegram or TON plans to become an ecosystem that supports applications, services, and store physical and digital goods.

Although in a single document destined for potential investors, stated that if the product is to be launched by October 2019, Telegram give them their attachments, in the other, the fine print was written something quite different:

“There is no guarantee that the Issuer or Telegram will have sufficient funds to pay them as required. Neither the Issuer nor Telegram no obligation to use involved in the sale of token money in favour of investors”

The idea of the General Director Pavel Durov different from the traditional ICO because only accredited investors can participate in both the first and second round of financing. This method is more similar to traditional venture capital investment, when a large part of the discounted product for sale to private firms public before the start of the round.

Last week, the Telegram has launched a second secret pre-sell cryptocurrencies Gram before carrying out ICO project TON. The very public offering is scheduled for March, then we plan to collect $ 600 million.

Joe Di Pasquale of Capital BitBull commented on the statement Telegram for damages:

“If they can collect two billion dollars, it is almost a guarantee that the project will be implemented”

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