Difficult times for Telegram look set to continue, with aggrieved investors in Telegram's ICO reportedly considering legal action following Telegram's announcement that it was discontinuing support for its Telegram Open Network, and the earlier announcement that refunds would be offered to investors.
In comments to CoinDesk, Vladimir Smerkis, head of crypto startup Tokenbox and TON ICO investor said:
We are considering filing a lawsuit, as the money [Telegram CEO] Pavel Durov spent on the project got investors nothing, while at least, it would be fair to talk about getting Telegram’s equity, for example
Telegram raised over $1.7 billion in its ICO, and has since spent up to $405 million from developing both its messaging app and the now defunct TON blockchain. Investors look primed to argue that those expenditures brought zero value to the investors.
developing both TON blockchain and its messaging app, but those expenditures brought zero value to the investors, said Vladimir Smerkis, head of crypto startup Tokenbox and one of the investors.
Telegram has yet to comment on the potential litigation.