Messaging application operator Telegram promises to return money to investors if the blockchain-based TON platform fails to be launched by October 2019.

The documents, sent to potential investors, claim that Telegram is ready to refund investors if the product doesn't launch by October 2019. Now Telegram accumulates offers from potential investors and gets ready to launch the second stage of the private token sale, expecting to raise up to $1.7 billion. The first stage of pre-sale attracted $850 million to Telegram future platform.

At the same time, one of the documents notes that the company does not guarantee that it will have enough funds to return all the amount to investors:

"There can be no assurance that the Issuer or Telegram will have sufficient funds to make payments of any Termination Amount (as defined in the Purchase Agreements) as and when required under the terms of the Purchase Agreements. Neither Telegram nor the Issuer has any fiduciary or other obligation to use the funds generated by the token sale for the benefit of the purchasers..."

The public initial coin offering is scheduled to be launched in March. In overall, Telegram might raise more than $2.5 billion of financing for the development of its Telegram Open Network (TON) with its own cryptocurrency Gram, becoming the largest ICO in the history.

Due to a certain level of secrecy surrounding Telegram's ICO, there is little known about the investors in TON. Those who confirmed their participation are Russian businessman Sergey Solonin, founder of Qiwi payment system, and David Jakobashvili, founder of milk producer Vimm Bill Dann. Solonin invested $17 million, while Jakobashvili invested $10 million. According to Russian media, Roman Abramovich also invested in the project, although his representative neither confirmed nor refuted this information.