Posted on 06-11-2020.
While it lasted, Telegram’s TON project has been a tempting target for investors. A few managed to get into TON’s private token sale while the rest had to wait till launch or look for futures contracts for Gram tokens, which were offered by several trading platforms. When, following prolonged litigation with the SEC, the original developers terminated the TON project, the money invested in Gram futures ended up in limbo. Some investors got their money back, others not so much. ForkLog turned to real cases to figure out what happened.
“Instead of the actual $0.5 per futures, they repaid only $0.01. Out of all the money they got they’ve only returned 2% for some unexplained reasons. I had 8094 Gram futures. The platform locked them and paid me only $101,” Oazisdemyanovi said.The user explained that for 8 months since October 2019, Gram futures were sold for $2 on average. Gram/USDT Chart. Source: Bitforex
“People were buying and selling for $2. Five hours before the pair has been closed, BitForex artificially dumped the price to the minimum, filled the order book with hundreds of thousands of cheap futures that came out of nowhere, and closed trading. They paid Gram futures holders $0.01 per contract,” BitForex user explained.After the incident, Oazisdemyanovi asked for help in the BitForex Russian chat in Telegram. The user said that the chat administrator immediately deleted his post and blocked him. Telegram screenshot, the message reads “Unfortunately, the chat is not available.” Source: captured by Oazisdemyanovi
“I’ve also contacted BitForex support. They sent me a standard response and didn’t react to the next three messages,” he added.Screenshot of the conversation with BitForex support. The user asked why the platform returned only 2% of the money, the support explained that token prices depend on the market. Source: captured by Oazisdemyanovi Several other users reported similar cases.
“I’ve invested about $35 thousand and they returned $27. There are messages from the platform’s support but no good news,” one of the users said.Another user purchased 200 Gram tokens for $2 each, but the exchange reportedly repaid them only $0.0125 per token. Similarly, a user Andry M didn’t get to profit from Gram futures:
“Initially, I was buying about 30 Gram for $2 each. In the last days, hoping that the platform will pay for the tokens at the market price I’ve bought 250 more. The return price was $0.01.”All of the clients reporting said there were no additional payouts or benefits offered by the platform. When contacted by ForkLog, BitForex representatives first said that the end of Gram development is unfortunate:
“Initially, we and other early Gram investors had high hopes for the future of the token. At the same time, the institutions we’ve worked with and the early Gram investors like us and the users faced losses on different scales.”According to BitForex, the idea behind the futures was “to reflect the value of Gram in the market and allow all users who can’t access initial investments in Gram to take part in this historic moment.” The team said that to provide liquidity and parties to the deals they offered users collateralized loans for Gram tokens.
“The price drop is the result of the users’ trading and profit strategy. Since caring about users is our primary value, we will offer compensations to different categories of users who took part,” they added.After the trading was closed, Gram holders received a $10 bonus applicable to new perpetual contract positions. ForkLog also asked about the “hundreds of thousands of futures” placed on sale and the “artificial price dump” mentioned by Oazisdemyanovi.
“The order book for Gram sales consisted of purchased and collateral tokens. The crypto-market tends to follow trading trends, especially when there is terrible news. This is the force of the market and the pressure from traders combined,” BitForex answered.
“We haven’t published final sales data yet, but I can say that Russians were the most active Gram buyers. We are happy with the results. Everything went well on our side,” a Liquid spokesperson told Bloomchain in August 2019.After the sale, the platform nearly stopped mentioning Gram in social networks. By January 2020, Liquid had to return all the money to investors since TON didn’t launch in October 2019, which was the main condition of the sale. Refund announcement. Source: Liquid A week before the start of Gram sale on Liquid, a crypto-loan company Nexo announced loans with Gram as collateral. They later clarified that the feature was to be expected after TON launches. https://twitter.com/NexoFinance/status/1148546018121781249 At the end of July 2019, an Azerbaijan-based exchange Cross Exchange offered about 277 thousand Gram tokens for the platform’s native token XEX. https://twitter.com/apricot_jamo/status/1150996595078418432