Sergey Solonin, co-founder of the Qiwi group, and TON investor to the tune of $17 million has decided to reissue his investment as a loan to Telegram, co-ordinate to a written report past Forbes Russia, May 16.

Telegram Open Network troubles

Following Telegram's well-documented court boxing with the U.S. Securities and Exchange Committee (SEC), the visitor missed its April 30 borderline to launch the TON network and was prohibited from distributing its Gram tokens.

Investors were given until the end of Friday, May xv to decide whether to accept an immediate refund of 72% of their initial investment, or provide the money as a loan, receiving 110% of its value on Apr 30, 2022.

The hope at the time was that those investors who chose the loan option may have been issued Gram, or another cryptocurrency, in one case the SEC dispute had been settled. Notwithstanding, Telegram has since publicly abased the TON project, as reported on May 12.

Solonin believes 30% of the investment will be converted

Solonin'south decision to take the loan option on his $17 million investment means that he will receive $18.7 million at the finish of the term.

He believes that effectually thirty% of the $1.7 billion raised by investors in the 2022 Initial Coin Offering (ICO) volition exist converted to loans. This would go out Telegram with an obligation to the remaining investors of around $500 million.

I recall that should be enough for a twelvemonth of work, taking into account the risks arising from the settlement of relations with the SEC. I promise that during this time Pavel will be able to come upward with sources of income or a way to finance the visitor further.