The founder of Zotobi Management Limited, Igor Chuprin, has demanded that Telegram return investments in the Telegram Open Network (TON) project in full. However, the court has rejected the lawsuit and has asked him to pay for the legal costs.
In 2018, Chuprin made an investment in TON. Notably, he invested $ 1 million in the project. However, 2 years later, Telegram CEO Pavel Durov said the TON project would never see the light and suggested that investors either receive 72% of the funds immediately, or leave the funds as a loan and receive 110% by April 30, 2021.
In May the same year, the affected investor filed a lawsuit against the project in an attempt to recover all the money he has invested.
He claims he did not do any proper research before investing in TON and did not receive any risk documents.
On February 6, the London Court of International Arbitration rejected Chuprin’s claim against the Telegram Group and TON Issuer. In addition, he ruled to cover Telegram’s legal costs by $700,000 and the costs of the court itself by almost £56,000.