Da Vinci Capital Requests Compensation From Telegram: Report

Da Vinci capital requests compensation of $100 million from Telegram and the failed Ton project or the investors will take legal actions against the platform so let’s read more in our latest cryptocurrency news.

Telegram’s TON Initiative was among the most heavily discussed blockchain-related projects in the crypto space over the years but the endeavor faced plenty of backlash from the US Securities and Exchange Commission as the US court decided that the GRAMS native currency is a security token that will not be sold in the US or anywhere else for that matter. Telegram tried to fight the court’s decision and to prove that the token is not a security but to no avail. The company’s CEO Pavel Durov had to give up and say that Telegram’s involvement with TON is over.

The company distanced itself from the failed blockchain project but the problems were ongoing as the reports from Forbes Russia show. Citing anonymous people that were familiar with the matter, the reports showed that Da Vinci Capital which is the main investor in the $1.7 billion initial coin offering requested compensation for TON’s failure. The lawyers from the investment company reportedly sent a letter to file a claim to Durov, the vice president Ilya Pereokpsky and other executives that were involved with the project. The reports also noted that Da Vinci Capital demanded $100 million as compensation.

The reports by Forbes explained that Durov and other colleagues have two weeks to transfer the funds or to notify the lawyers from the investment company if they choose to reject it. If Telegram fails to answer in the given time, Da Vinci Capital can take the matter to court. Apart from these allegations, Telegram negotiated a funding round to raise $1 billion in bond placements to accredited investors from Europe, Middle East, Russia, and Asia. All of the bondholders will then be able to easily convert debt into shares with a 10% discount on the offering price if Telegram decides to go public in the next few years.

As recently reported,  Telegram is forced to pay $620,000 in legal fees after the defeat in the copyright lawsuit. The messaging app was ordered to pay the sum in legal fees to Lantah LLC after a failed attempt to sue the company over copyright claims. The claims revolved around the use of the GRAM ticker which was supposed to be Telegram’s cryptocurrency.