$4 million Worth of Gram Tokens Refunded by Liquid
The popular cryptocurrency exchange, Liquid, announced on January 10th that they will be refunding all investors that bought Gram tokens from them as Telegram failed to launch their TON network on time. The tokens refunded added up to a total of over $4.1 million and were sold by Liquid for $3.50 to $4 each.
“At the time of the Gram Token Sale on Liquid, it was anticipated that the TON mainnet would be launched by 31 October 2019. As most Liquid users may know, the TON mainnet was not launched by that date and still has not launched,” Liquid stated.
In July last year, Liquid partnered with Gram Asia to make the total sale happen, which led to them being one of the largest investors in Telegrams token sale. Unfortunately, as Telegram did not deliver on the launch date, Liquid have decided to refund all investors as the funds were held in Escrow.
It has been reported that all funds have successfully been refunded to all investors who participated.
The popular exchange has said that:
“Under the Gram Token Sale Terms of Sale, Liquid is required to return all funds committed by Liquid users in the Gram Token Sale due to the fact that the TON mainnet was not launched by 30 November 2019.”
It is not surprising that there is a delay in the launch as the SEC has stepped in and filed a lawsuit against them, which is happening a lot to successful crypto companies lately.