Telegram faces multi-million dollar lawsuit from fund manager for crypto project

Russian private equity fund manager Da Vinci Capital filed a lawsuit against Telegram over the millions of euros invested in the project, local media outlet RosBusinessConsulting reported yesterday. The lawsuit filed in London court says that although Telegram offered to return the money deposited in its open network to Da Vinci Capital, the courier company made the offer just 24 hours before the agreed deadline. Da Vinci Capital says the short term makes it difficult for investors to make an informed decision. Da Vinci sent Telegram a letter of intent to take legal action against the company in February this year. According to the SEC filing, the Disruptive Term Fund managed by Da Vinci Capital signed an agreement to purchase $ 72.1 million of GRAM tokens in 2018 and transferred at least $ 45.4 million to Telegram. What is the Telegram Open Network? The Open Network, formerly known as the Telegram Open Network, was Telegram's first entry into the cryptocurrency space. It works the same as WeChat and combines digital payments with messaging. Telegram launched an Initial Coin Offerings (ICO) for the GRAM token in 2018 and raised $ 1.7 billion to support the development of the project. Telegram finally had to abandon its plans in 2019 under pressure from the US Securities and Exchange Commission (SEC) and promised to refund the money if the network did not start by April 30 of the year. end. It offered the affected investors two options: a project to get back 72% of the money invested immediately or to borrow the funds and recover 110% by 2021. However, the second option was not available to investors outside of the US. Da Vinci said the fund received an offer "about 24 hours before the deadline". Its managing partner, Oleg Jelezko, told RBC that it did not leave investors an opportunity to properly analyze the documents. A source close to Telegram management is Da Vinci's to RBC

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