Telegram Token Investors Reject Refund Offer

Telegram investors have opted to stick with the project in the hope of gains despite the U.S. Securities and Exchange Commission's recent injunction against the messaging platform's initial coin offering.

Both groups of investors in Telegram's twin $850 million funding rounds have now agreed to accept extensions for the Telegram Open Network launch following the Oct. 23 deadline, according to Forbes Russia.

The offer to accept the extension was first sent to TON investors a week after the SEC's Oct. 11 injunction.

Under the terms of the agreement, a majority of ICO investors would either agree to extend the token issuance date or receive 77 percent of their initial investment back.

Each investor cohort had to agree as well, meaning one group could have been refunded while the other held onto the promise of gram tokens.

"We voted to wait, although we're sure Telegram will not be able to clear things with the SEC," one of the TON investors told CoinDesk on the condition of anonymity.

"There is a chance that we will get more than we would receive if Telegram just returned out investment, and, at the end, we didn't invest that much."

The terms of the agreement also include that Telegram can spend another $80 million of the ICO funding.

An Oct. 24 court hearing on the question of gram being a security was also postponed till February 18-19.

"The February hearings are different from the earlier scheduled for October 24, because at these hearings they should only consider the possible postponement of the launch of the platform. We and our advisers will use the time to ensure that at the February hearing, the Telegram position is presented and supported as much as possible."