Investors Say Lawsuits May Follow as Telegram Boss Concedes TON Defeat

Tyler Hromadka

Source: Adobe/sharafmaksumov.

Telegram and its owner Pavel Durov have actually formally sounded the death knell for the business’s Telegram Open Network (TON) blockchain platform and its Gramtoken Investors and other professionals declare that a variety of lawsuits may follow as the business tries to calm investors who stymied up an integrated USD 1.7 billion to money the project.

Durov took to Telegram to post about his factors for ending on the project, scolding United States regulators and the American legal system, days after mentioning that the U.S.A. was among the worst locations on the planet for tech business owners.

Nevertheless, investors have actually currently shown that they might well take legal action versus Durov and Telegram.

Per RIA Novosti, TON financier and Tokenbox project creator Vladimir Smerkis states that “most of the project’s investors want to file a lawsuit against Durov.”

Telegram had actually formerly provided to reimburse investors for around 72% of their preliminary stake now or wait till April 20, 2021, to get 110% refunds, although it later on mentioned that the second alternative would be inapplicable to United States homeowners.

Likewise talking to RIA, Arseniy Shcheltsin, the CEO of Digital Platforms, suggested,

” I believe most investors will just take themoney A few of them will most likely take legal action against, while others will wait on additional advancements.”

The exact same media outlet prices estimate a member of the parliamentary committee on Details Policy, Yevgeny Lifshiz, as mentioning that Durov could, in theory, still reverse his decision and continue with the project if he chose to acquiesce all the requirements of the regulators. This would include possibly following in line with Facebook‘s modified position towards regulatory compliance for its Libra project.

Nevertheless, Lifshiz declared that this was a near-impossibility, mentioning, “Durov is known for his integrity, and obviously would not take that sort of approach.”

Other professionals suggested that Telegram would likely try to pay investors back with a deal of shares in the business, while Russian Venture Business‘s head of financial investment Alexei Basov mentioned that due to the remarkable nature of the American regulators’ 11 th-hour intervention to obstruct TON, investors may discover themselves in a “vulnerable legal position” if they did pick to take legal action against.

The head of crypto exchange Huobi Russia, Vladimir Demin, mentioned,

“Telegram and Durov have always behaved impeccably, so I don’t think that investors will expect any surprises. The most likely outcome is that the compensation packages will be executed as previously outlined.”

Durov’s post, on the other hand, concluded with a warning about phony TON jobs. He composed,

” You may see– or may have currently seen– websites utilizing my name or the Telegram brand name or the ‘TON’ [acronym] to promote their jobs. Do not trust them with your money or information. No present or past member of our team is included with any of these jobs. While networks based upon the technology we built for TON may appear, we won’ t have any association with them and are not likely to ever support them in any method. Be mindful, and do not let anybody misguide you.”



Due to the fact that of the United States courts,

Telegram didn’t shut down TON.

— Andrew Kang (@Rewkang)

@mattysino Could not this thinking be used to exchanges as well. (The one about the United States discovering their method to the exchange).

— Shehzad (@shehzadhassam) .

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