Liquid cancels advance sale of non-existent Telegram-Token

The eagerly awaited advance sale of the telegram token Gram was cancelled and all funds were returned to investors, said the Japan-based crypto exchange Liquid.


Liquid explained the reasons for the cancellation:

“At the time of the Gram token sale on Liquid, the TON [Telegram Open Network] was expected to be launched by October 31, 2019. As most Liquid users may know, the TON mainnet had not been started by that date and has still not started”.


In addition, the exchange that initiated the advance sale in July 2019 stated that all participants would receive a refund:

“Under the terms of the Gram Token sale, Liquid is required to return all funds committed by Liquid users in the Gram Token sale, as the TON-Mainnet has not been launched by November 30, 2019.”


The company did not disclose the results of last year’s pre-sales. 

In any case, the major instant messaging provider recently emphasised that “Grams do not exist yet, no one can buy or sell them before we announce the launch of TON Blockchain”. (As previously reported, Telegram is said to be looking to East Asia – and specifically the stock exchanges in Japan – to debut the Gram). 

Telegram also confirmed that his TON wallet will not be integrated into his Messenger service, prompting comments that this is a “massive blow to TON investors”. 

The advance sale of the tokens was originally announced by Liquid last summer, but the tokens were not to be made available to the public until the TON Mainnet – which is crucial to supporting the tokens – went live.

In July 2019, the Gram went on pre-sale at a price of USD 4, or 201% more than Telegram’s investors paid in the second ICO (Initial Coin Offering) round in March 2018.

As we already know, the launch of the TON network has encountered a number of difficulties and delays, with reports from October last year suggesting that the launch would be delayed by “six months to a year”. As reported by CryptoNews, Telegram’s GRAM project has encountered legal hurdles along the way, as representatives of the company will appear in court on February 18 after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company.

The lawsuit was filed by the SEC in October of last year to stop the token sale, which the SEC claims violates the registration requirements of the Securities Act of 1933.