Blockchain News

Telegram Files For $100 Mln Compensation From TON Project.

The CEO of Telegram, Pavel Durov, has reportedly revealed a new for over $100 Mln in compensation from Da Vinci Capital, an investor within the messaging firm’s failed TON blockchain project.

Da Vinci Capital’s lawyers have transferred Durov’s notice of intent to file a legal case against TON Inc. & Telegram Inc., sources on the brink of the matter told Forbes Russia earlier on Monday.

Sources on the brink of Telegram’s senior management, however, told the news source the amount demanded is $20 Mln, though the article suggests this might be a separate letter.

Telegram likely has two weeks to reply to the letter, before the investor will move the interest to a United Kingdom court, Forbes added.

The TON blockchain project was shelved earlier in May last year following a lawsuit from the United States SEC [Securities and Exchange Commission].

The SEC added that Telegram’s massive $1.7 Bln ICO [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 earlier at the time of lending the funds to Telegram for an additional year and receiving 110% back.

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