Zotobi Management Limited founder Igor Chuprin had sued Telegram to recover all his investments in the Telegram Open Network (TON) project. However, a court has dismissed the lawsuit, Forbes has reported.
Chuprin reportedly invested $1 million in TON in 2018.
In April 2020, Pavel Durov, Telegram's CEO, reported TON would not be launched and suggested investors could either receive 72% of the funds immediately or leave the funds as a loan and receive 110% by April 30, 2021.
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Shortly thereafter, in May 2020, Chuprin filed a lawsuit against TON in an attempt to recover his entire investment, as he was not satisfied with the proposals.
He claims he made the decision to invest in TON in haste and did not receive any risk documents.
On February 6, the London Court of International Arbitration rejected Chuprin's claim against Telegram Group and TON Issuer. It further ruled to cover Telegram's legal costs at $700,000 and the court costs themselves at almost £56,000.
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The court found that Chuprin was either familiar with the documents, as they were distributed on the network and discussed in the blockchain community, or "understood all the risks and didn't care."