Da Vinci Capital filed the lawsuit against instant messaging company Telegram, claiming to have lost over $70 million in the project.
Da Vinci Capital reportedly sent a letter before claim to the CEO of Telegram, Pavel Durov, suggesting the fund would raise legal action against Telegram and TON Inc. over the project.
In its annual report for 2020, the SEC said its enforcement arm had collected some $4.68 billion in penalties, up 8% from $4.3 billion in 2019.
Telegram first sued Lantah, LLC in 2018, claiming common law trademark infringement and unfair competition over Gram token.
Florida-based Lantah claimed to have formed months before Telegram’s blockchain efforts began and that it intended to issue its own GRAM tokens.
Founder and CEO Pavel Durov has denied reports that he’s in talks with a Russian tech company to offload the embattled Telegram.
Telegram and Kik both used the Simple Agreement for Future Tokens structure to raise capital for the development of their tokens.
Although the Telegram team will be taking their testnet validators offline on August 1, the TON blockchain testnet will still be available.
A final judgment filed shows that the SEC and Telegram have reached terms of settlement over Telegram’s illegal securities sale.
The federal assembly had proposed the lifting of the ban for distribution of COVID-19 info in Russia, but another ministry is opposing it.