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Report: TON investor calls for $100M compensation from Durov

03/02/2021

Telegram’s TON saga appears removed from over, as a disgruntled investor seeks compensation.

Da Vinci Capital, a significant investor in Telegram’s $1.7 billion preliminary coin providing, has reportedly requested compensation for the failed launch of the Telegram Open Community, or TON.

Traders at Da Vinci Capital reportedly despatched a letter earlier than declare to Telegram CEO Pavel Durov, stating that the fund is planning authorized motion towards TON Inc. and Telegram, Forbes Russia reviews Monday.

Citing nameless sources near Da Vinci, the report states that the fund has demanded $100 million incompensation from Telegram and different companies concerned within the Gram preliminary coin providing. Based on the report, Telegram now has two weeks to repay Da Vinci, in any other case, the corporate will file a lawsuit towards Telegram in London.

Telegram didn’t instantly reply to Cointelegraph’s request for remark.

Telegram formally shut down its personal efforts on the TON undertaking and Gram tokens in Could 2020 after a long-running authorized battle with the USA Securities and Alternate Fee, which accused Telegram of violating the U.S. securities legal guidelines by letting American traders take part in its personal ICO in 2018.

In June 2020, a courtroom within the U.S. dominated that Telegram needed to return $1.2 billion to traders. Some traders obtained a 72% refund from Telegram previous to the courtroom ruling as a part of Durov’s reimbursement scheme. The plan steered both a right away 72% refund or a 110% refund within the subsequent 12 months, by April 2021.

Whereas the vast majority of TON traders reportedly opted for the 72% refund scheme, it stays unclear what number of traders precisely are nonetheless ready for a 110% refund.

In late 2020, Durov revealed an official publish on Telegram’s new monetization technique, stating that the corporate’s messenger was on observe to achieve billions of customers and required correct funding. The CEO additionally denied reviews that Telegram was discussing funding or financing with banks and traders. Nonetheless, Durov famous that Telegram obtained provides to offer a mortgage to Telegram.

“Taking a mortgage is without doubt one of the potential methods for Telegram to stay totally impartial and true to its values whereas executing the monetization technique I outlined in December,” Durov wrote in its official chat.

Russian information company Kommersant reported in mid-February that Telegram was planning to boost a minimum of $1 billion in a non-public bond placement to a restricted variety of traders from Russia, Europe, Asia, and the Center East.