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TON Investor Threatens to Sue Telegram if Not Compensated: Report
The investor said it would go to court if its compensation demand was not met, according to Forbes Russia.
Telegram CEO Pavel Durov has reportedly received a demand for compensation from Da Vinci Capital, an investor in the messaging firm's failed TON blockchain project.
STORY CONTINUES BELOW
- Da Vinci Capital's lawyers have sent Durov notice of intent to file a lawsuit against TON Inc. and Telegram Inc., sources close to the matter told Forbes Russia Monday.
- Telegram likely has two weeks to respond to the letter before the investor will move the matter to a U.K. court, Forbes said.
- The TON blockchain project was shelved in May 2020 following a lawsuit from the U.S. Securities and Exchange Commission.
- The SEC said Telegram's massive $1.7 billion initial coin offering for the project in 2017 had been an unregistered securities sale.
- Investors were offered a choice of getting 72% of their stake back at the time or lending the funds to Telegram for another year and receiving 110% back.
See also: Ripple, SEC Say Settlement Unlikely Before Trial Over Alleged Securities Violations
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
