The Telegram project is in a difficult position when investors ask for capital withdrawal

The Telegram blockchain project is about to face new difficulties as large investors are demanding withdrawals, according to a source from Russia.

Telegram’s big problems

According to Yakov Barinsky, head of Russian crypto investment firm Hash CIB speaking to TASSTelegram’s investor patience has reached its limit. He said that at least 10 major investors in Telegram Open Network (TON) are currently considering a withdrawal request. Barinsky said:

What I see now is that many people, at least 10 investors that I have approached, accounting for 72% of the investment capital, intend to withdraw from this project.

Investors in the Telegram blockchain project have been very patient until now. In the context that the SEC is trying to make it difficult for the most famous social networking project for this crypto community, investors will have 2 options.

They can request a refund of 77% of the amount they invested or wait another six months until the tokens are distributed. Initial investors were leaning towards the latter option, which meant waiting for the GRAM token to be issued. However, many things did not go according to plan.

The first is a federal court ruling in New York which concludes that the distribution of GRAM tokens violates US securities laws. This court stated:

Considering the economic reality of the Howey Test, the Court found that, based on the presented plan, the resale of GRAM into the public secondary market would be an integral part of the sale of unregistered securities. .

This means that investors will certainly have to wait much longer to see the birth of GRAM. That would be as if it were to be released.

The overall economic picture is bleak

However, Telegram’s problems do not stop there, as the current economic crisis will certainly not indulge any business in any other sector. As investors desperately look for the safest place to keep their money, getting stuck in a precarious blockchain project with an unknown product when it can launch seems like a bad choice. Best. Barinsky commented on the payback option:

Considering what’s going on in the financial markets, this option now looks much better than waiting until October.

To be fair, Telegram hasn’t lost everything yet. A preliminary injunction is, after all, not the final verdict and Telegram will most likely appeal. However, the results of that are also unpredictable. The only thing that seems certain is that this whole challenge is likely to continue to last a lot longer and the investor’s patience, as noted, is very limited.

According to Bitcoinist