In 2019, the Aton company created a fund to participate in the initial offer of Gram tokens of Pavel Durov's blockchain platform. When the project was closed, its head announced that he would return 72% of the investment. But for the client "Aton" the refund amount decreased by more than 3 times
Some investors of Pavel Durov's blockchain project Telegram Open Network (TON) were offered to return only 21% of investments, instead of the required 72%. We are talking about those who invested in ICO through the Aton investment company, Forbes reports.
In the summer of 2019, Aton invited clients to take part in the TON ICO through its hedge fund New Technology Fund, registered in the British Virgin Islands. The investor was offered to buy the not-yet-issued Gram tokens at $ 1.33, at this price the Telegram team sold the coins during the second closed round of the initial offer, which took place in March 2018.
Aton analysts predicted that the rate of Gram tokens by 2028 will rise to $ 15-30, this assumption was based on the quantitative theory of money. As a result, the company raised $ 22 million from investors. However, clients did not buy the future cryptocurrency itself, but the fund's shares. Their cost was $ 1000, and the minimum deposit threshold was $ 100,000.
In May, Pavel Durov announced the closure of the TON project due to a conflict with American financial regulators, the US court banned the issuance of Gram tokens, equating them to securities. The head of the startup offered to return 72% of the investment.
Igor Didenko, an investor who invested in ICO TON through the Aton hedge fund, was counting on the same conditions. But according to the client, the company offered to return him only 21% of the investment, that is, $ 0.28 for each token at its starting price of $ 1.33.
“When the TON project ran into difficulties, it became clear that there would be no profit. As a result, as you know, Pavel Durov offered to return 72% of the investment. And after that "Aton" notified its clients, in particular me, that those who invested in TON through "Aton" will be returned back not 72%, but only 21%, "Didenko said.
He noted that the fund manager contacted him personally, but did not provide a clear explanation of what caused the change in the refund amount. Representatives of Aton, in their comments to Forbes, also did not name the reason for the incident, but noted that it is incorrect to compare TON's direct investors with the fund's investors.
“They have invested in different instruments. In this case, we are not talking about buying a Gram, but about a security (fund shares) … When buying this security, clients assume market risk in the form of a change in the value of the security. The risks associated with investing in this fund are described in the memorandum. Securities quotes may differ materially from the purchase price. But judging the financial result is based on the results of the fund repayment in the 2nd quarter of 2021, ”he explained to introduce the company.
Forbes clarified that investors have already begun to receive funds invested in the TON ICO. Durov himself confirmed this at the end of June. He stated that the company has returned more than $ 1.2 billion to participants in the initial offering of Gram tokens, and expressed the hope that in the future, the regulation of the blockchain industry in the United States will become more favorable.