Da Vinci Capital, the lead investor in the first $ 1.7 billion Telegram offering, reportedly requested compensation for the failed launch of the Telegram Open Network, or TON.
Investors in Da Vinci Capital allegedly sent a letter prior to filing a claim with Telegram CEO Pavel Durov, in which they said the fund plans to file a lawsuit against TON Inc. and Telegram, according to Forbes Russia on Monday.
The report, citing anonymous sources close to Da Vinci, said the fund demanded $ 100 million in compensation from Telegram and other companies involved in Gram’s first proposal. According to the report, Telegram now has two weeks to settle with Da Vinci, otherwise the company will file a lawsuit against Telegram in London.
Telegram did not immediately respond to Cointelegraph’s request for comment.
Telegram officially ended its own efforts to draft the TON and Gram codes in May 2020 after a protracted litigation with the US Securities and Exchange Commission, which accused Telegram of violating US securities laws by allowing US investors to participate in a private ICO. 2018.
In June 2020, a US court ruled that Telegram must return $ 1.2 billion to investors. Some investors were returned 72% of Telegram before the court ruling under Durov’s compensation scheme. The plan called for an immediate 72% or 110% recovery over the next 12 months by April 2021.
While the majority of TON investors reportedly opted for a 72% repayment plan, it remains unclear how many investors are still waiting for a 110% payout.
At the end of 2020, Durov published an official post on Telegram’s new revenue-generating strategy, stating that the company’s messenger is preparing to reach billions of users and requires appropriate funding. The CEO also denied reports that Telegram is discussing investments or financing with banks and investors. However, Dorov indicated that Telegram received an offer to provide Telegram with a loan.
“Obtaining a loan is one of the possible ways for Telegram to be completely independent and true to its values while implementing the income strategy outlined in December,” Dorov wrote in his official conversation.
In mid-February, the Russian news agency Kommersant reported that Telegram plans to raise bonds worth at least $ 1 billion for a limited number of investors from Russia, Europe, Asia and the Middle East.