Telegram Warns of Losses Unless Crypto Investors Agree to Delay
Telegram Group Inc. is telling investors who helped fund the creation of its digital token that they’ll only receive 77% of their money back unless they agree to postpone the launch of the cryptocurrency for six months.
Pavel Durov’s Telegram raised $1.7 billion in early 2018 to fund creating its own cryptocurrency Gram and blockchain infrastructure to operate it. It was scheduled to deliver tokens to investors by Oct. 31. The U.S. Securities & Exchange Commission halted the process last week, arguing that Gram is essentially a security that wasn’t properly registered.