Telegram CEO Pavel Durov has reportedly received a demand for around $100 million in compensation from Da Vinci Capital, an investor in the messaging firm’s failed TON blockchain project.
- Da Vinci Capital’s lawyers have sent Durov notice of intent to file a lawsuit against TON Inc. and Telegram Inc., sources close to the matter told Forbes Russia Monday.
- Sources close to Telegram’s senior management, however, told the news source the amount demanded is $20 million, though the article suggest this could be a separate letter.
- Telegram likely has two weeks to respond to the letter before the investor will move the matter to a U.K. court, Forbes said.
- The TON blockchain project was shelved in May 2020 following a lawsuit from the U.S. Securities and Exchange Commission.
- The SEC said Telegram’s massive $1.7 billion 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 back at the time or lending the funds to Telegram for another year and receiving 110% back.
See also: Ripple, SEC Say Settlement Unlikely Before Trial Over Alleged Securities Violations