The Dramatic Turn of Events
In a twist that could rival any Netflix drama, Da Vinci Capital is no longer just an innocent bystander in the world of cryptocurrency. The fund, with its substantial $1.7 billion investment in the Gram token initial coin offering (ICO), has officially thrown down the legal gauntlet against Telegram and its much-hyped Telegram Open Network (TON).
Demanding a Fortune
According to reports from Forbes Russia, Da Vinci has shot off a letter before claim to Telegram’s CEO, Pavel Durov. The fund is reportedly knocking on the door for a cool $100 million in compensation. But hold your horses! A subsequent scoop suggests that the actual figure they’re aiming for is more like $20 million. Talk about a game of telephone!
Telegram’s Legal Battles
This saga dates back to May 2020, when Telegram threw in the towel on the TON project amidst a legal tussle with the U.S. Securities and Exchange Commission (SEC). The SEC alleged that Telegram had violated U.S. securities laws by engaging American investors in its private ICO back in 2018. A court ruling has since forced Telegram to refund investors to the tune of $1.2 billion. What a tangled web!
- Many investors opted for a 72% refund option, but the fate of others still chasing a 110% refund remains uncertain.
The Future of Telegram
Fast forward to 2020, Telegram’s boss Durov took to his platform to outline plans for monetization, claiming the messenger service was poised to reach billions of users. Meanwhile, he dismissed rumors of potential negotiations with banks or other investors while keeping the door open for loans to maintain independence.
“Taking a loan is one of the possible ways for Telegram to remain fully independent and true to its values while executing the monetization strategy,” noted Durov, channeling his inner entrepreneur.
A New Path Forward
And the storyline keeps evolving! In early 2021, Russian news outlets revealed Telegram was eyeing at least $1 billion through a private bond placement aimed at a select group of investors across Russia, Europe, Asia, and the Middle East. It feels as if Telegram is just one plot twist away from a Bollywood-style epic!
In Conclusion
The crypto saga involving Da Vinci Capital and Telegram continues to unfold, with new developments emerging weekly. Whether this legal claim will lead to a courtroom showdown or a tranquil negotiation remains to be seen. One thing is for sure: in the realm of cryptocurrency, drama is the name of the game!
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