Telegram Forces US Investors to Take 72% Refund and Exit Gram Token Project

Telegram is now forcing U.S investors to immediately exit its TON blockchain project by accepting a 72% refund on their original investment.

The encrypted messaging platform’s unexpected volte-face also disqualifies American investors from the loan option, which promised a 110% refund either in Gram token or in any other cryptocurrency.

According to a letter sent to investors on May 4, Telegram said American-based investors will not be allowed to stay another 12 months in the project. The decision has been necessitated by regulatory challenges in the U.S., it said.

Telegram now expects to launch its Gram token next April, after failing to do so twice in the past. The latest failure came a week ago.

“Unfortunately, given your status as an investor from the United States and based on later discussions with the relevant authorities and our lawyers, we made the difficult decision not to use this option with you due to an uncertain regulatory attitude in the United States,” the…