Disgruntled investors in the failed Telegram initial coin offering (ICO) say that Pavel Durov, the chat app operator’s founder, should sell his stake in the company to pay off his debt to those left out of pocket.
The investors stumped up a combined total of around USD 1.7bn in the TON network and its gram token, which ultimately hit the rocks after a late regulatory intervention from the US Securities and Exchanges Commission (SEC).
Durov later informed investors that they could either choose to receive immediate partial refunds of 77% or wait a year and receive an extra 10%. Those who chose the latter option are due their payouts in April this year. In June 2020, Durov claimed that they already paid investors “more than USD 1.2 billion – both directly and in the form of loan agreements.”
But per Forbes Russia, patience is growing thin among some investors, with many claiming they are yet to receive their refunds.
The media outlet quotes an unnamed source familiar with the matter stating that Durov has already invested the money he raised in Telegram, adding,
“Durov has the opportunity to build a global ecosystem around Telegram – this project is not even halfway through its trajectory.”
Durov recently announced that Telegram would look to monetize in the year ahead, but claimed that ordinary users could still expect to enjoy an ad-free experience.
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Learn more:
Telegram Chief Durov Says He Has Already Repaid Investors USD 1.2 Bn
Telegram’s Crypto Launch ‘Postponed Indefinitely’
Telegram Investor Backs Durov Crypto Return to ‘Kick Zuckerberg’s Ass’
