Investors from the Da Vinci Capital fund notified Telegram founder Pavel Durov of their intention to sue entities linked to the blockchain project Telegram Open Network (TON), Forbes reports citing informed sources. They are seeking around $100 million in compensation, the publication notes.
Sources close to Telegram’s top management confirmed receipt of the letter, but noted that the amount demanded is different—$20 million. Forbes does not know whether this letter is the only one.
If the sources are to be believed, a letter before claim was received by Durov and Telegram’s top management. The entities are TON Inc. and Telegram Inc., with London the most likely venue for the proceedings.
In February, Kommersant reported that Telegram Group Inc. intends to place convertible bonds worth $1 billion among a restricted circle of investors from Russia, Europe, Asia and the Middle East. The minimum check, according to sources, will be $50 million, and holders of the securities will have the option to convert them into shares at a 10% discount to the issue price in a potential IPO. The raised funds are allegedly to be used for developing the messenger and paying TON investors.
In January, The Information also reported on these plans. Then Durov noted that his team ‘had indeed received proposals from financial institutions to provide Telegram with a loan’, but had not met with banks or investors.
Recently the founder of Telegram met with the Crown Prince of Dubai Hamdan bin Mohammed Al Maktoum. The company’s headquarters are located in Dubai.
Back in May 2020, Pavel Durov announced the closure of TON due to a legal clash with the U.S. Securities and Exchange Commission (SEC) and a ban on token distribution. As part of the settlement, Telegram paid the regulator a fine of $18.5 million.
Telegram investors in TON, Durov promised to return $1.224 billion (72% of the funds raised). Some received funds immediately, while others agreed to convert their investments into a loan.
According to official data, during two rounds of a closed ICO in February and March 2018, TON raised $1.7 billion from 175 investors in the U.S. and abroad. Among the project’s investors are entities connected to billionaire Roman Abramovich and Mikhail Abyzov.
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