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Report: TON investor demands compensation from Durov

Telegram’s TON saga seems far from over, as a disgruntled investor seeks compensation.
Da Vinci Capital, a major investor in Telegram’s $1.7 billion initial coin offering, has reportedly requested compensation for the failed launch of the Telegram Open Network, or TON.Investors at Da Vinci Capital reportedly sent a letter before claim to Telegram CEO Pavel Durov, stating that the fund is planning legal action against TON Inc. and Telegram, Forbes Russia reports Monday.Citing anonymous sources close to Da Vinci, the report states that the fund has demanded $100 million incompensation from Telegram and other firms involved in the Gram initial coin offering. According to the report, Telegram now has two weeks to repay 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 shut down its own efforts on the TON project and Gram tokens in May 2020 after a long-running legal battle with the United States Securities and Exchange Commission, which accused Telegram of violating the U.S. securities laws by letting American investors participate in its private ICO in 2018.In June 2020, a court in the U.S. ruled that Telegram had to return $1.2 billion to investors. Some investors received a 72% refund from Telegram prior to the court ruling as part of Durov’s reimbursement scheme. The plan suggested either an immediate 72% refund or a 110% refund in the next 12 months, by April 2021.While the majority of TON investors reportedly opted for the 72% refund …

After the publication, Forbes received new information about the amount indicated in the letter. The amount of compensation of $100 million initially indicated turned out to be incorrect.

Story continues on Cointelegraph

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