Court Documents Unveil Several Possible Investors In ICO From Telegram
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Court Documents Unveil Several Possible Investors In ICO From Telegram

January 27, 2020      Shailesh Panwar

Some big names that might have invested in the token sale of Telegram were surfaced in court documents as the firm fought a case that the U.S. Securities and Exchange Commission brought.

The list comprised some noticeable individuals as well as investment companies. One such name was Micky Malka, a partner of Ribbit Capital and a former board member of Bitcoin Foundation, who was stated in the deposition of Pavel Durov CEO of Telegram. When Durov was asked how Telegram would recognize which investors would be a TON proof-of-stake blockchain validator, he cited they didn’t have an individual list of the buyers who they would assume having expertise in validating other networks. Although it was apparent that individual investors, like Micky Malka, might have expertise in these validation processes or at least were affiliated closely with parties that were experts in such processes.

Other individual specified from Ilia Prerkopsky, Telegram Vice President ‘s message was David Yang, founder of ABBYY Lingvo, a digital dictionaries company and a Band of Angels venture fund member. The chats excerpts had a connection to the case by the SEC.

Viewing Through The Redaction

The documents cited the SEC joined to its new motions to the court, U.S. investment funds Fortress, Kleiner Perkins, Draper Dragon, Dragoneer, Redpoint and DRW Holdings could have funded in the gram tokens, according to the witness declarations attached to the SEC’s motion for summary judgment submitted on Jan. 13.

The TON investors gave eight declarations demonstrating how they explored the TON project and why they bought grams. The companies names and testifying representatives have been adjusted; however, the document file names contained the supposed investor’s names. Neither of the firms stated returned CoinDesk’s comment requests, but various sources that were close with the token sale approved they heard about these firms purchasing grams.

More fundraising And TON Ventures Of Telegram

Earlier,  SEC Called Out Telegram’s Ton, as it doubted the development. The documents’ two other passage offered information about affiliates that were putting efforts on additionally fundraising Telegram to support the TON blockchain further.

A “Dragoneer Decl. Executed_Redacted” document contained a witness declaration, who served as a senior analyst to investment team that concentrated on software companies and internet. In January, the capital invested $15 mln in exchange of 39.7 mln of the future tokens.

The witness stated on Aug. 13, 2019, John Hyman, who started Telegram’s fundraising in the U.S.A, reached them together through the managing partner of TON Labs, Alexander Filatov, which ended up as an unauthorised Telegram technology partner supporting work on TON.

A Meeting Was Held In London

Filatov and Hyman were reaching out on behalf of a British Virgin Islands-based entity, TON Ventures, that, according to the court papers, was established in October 2018 to encourage upcoming TON ecosystem development by spending into precisely selected teams or projects across the globe that were ready to develop use-case applications and infrastructure on the TON Blockchain.

Correspondence from Hyman contained the mention of Kleiner Perkins who spent $30 mln. According to the case declaration, the fund first offered a $15 million allocation but convinced Telegram to grow the total to $30 mln.

The witness declared he met Durov, Hyman and Jonathan Lourie, Hyman’s former coworker at Morgan Stanley, over dinner on Jan. 9, 2018 in London. According to emails that Durov presented earlier to the court, that day Hyman and he met in London with Kleiner Perkins partners Mood Rowghani and Mamoon Hamid.

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Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.