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.
Founder and CEO Pavel Durov has denied reports that he’s in talks with a Russian tech company to offload the embattled Telegram.
Although the Telegram team will be taking their testnet validators offline on August 1, the TON blockchain testnet will still be available.
The federal assembly had proposed the lifting of the ban for distribution of COVID-19 info in Russia, but another ministry is opposing it.
After months of court battles with the SEC over its TON project, Telegram has withdrawn its appeal against the regulator in what could be the project’s death.
Pavel Durov blames the U.S. government for bringing an end to the TON project, which would have distributed ‘Gram’ tokens to its investors.
The messaging platform relents to continued pressure by U.S. financial regulators as its battle wages on.
The comments follow the regulator rejecting a bid from Telegram for clarity over the scope of the injunction.
The social messaging company still plans on moving forward with its blockchain despite the ongoing legal battle.