An investor in TelegramThe aborted Telegram Open Network (TON) blockchain platform says he believes the project’s brain isn’t ready to run away from its failed initial coin offering (ICO) yet – and supported Telegram to return to the crypto battle.
In a column for Forbes Russia, Pavel Cherkashin, a managing partner at Mindrock Capital and GVA Capital and one of the investors in the doomed $ 1.7 billion ICO wrote about his adventure with TON.
He believed a bitter feud was involved Facebook Chief Mark Zuckerberg was the real reason for TON’s failure, confirmed earlier this week, but supported Telegram boss Pavel Durov to return to the project in some form.
“Consider me a hopeless optimist, but I still hope Pavel Durov will come up with a smart move to rectify this situation.”
The investor added that Telegram could still choose to launch into IPO to raise funds, pay off its debts to investors – or issue non-voting shares to the ICO investors, perhaps in some form form returned to the project and “kicked Zuckerberg in the ass.” ‘
The investor added that Durov did not want to “go down in history as a man who mobilized hundreds of millions of people for his project and then fled to his yacht as soon as it came under fire.”
Cherkashin admitted, however, that Durov and Telegram could face a long legal battle.
Most likely, there will be at least a few investors willing to sue, and once they file the initial lawsuits, the rest will fall behind not to be left out. Bloodsucking lawyers are already blowing up investors’ phones to offer their services. In a long and complicated lawsuit, only the lawyers will win. ‘
Cherkashin also believed that Zuckerberg had essentially copied his idea for Libra from Durov’s TON plan. He stated that the Facebook chief was furious that his own American project was derailed, while Durov’s Russian-based TON project was left unchecked – a fact that led him to blame American regulators for this.
This outburst, Cherkashin says, led the regulatory authority Securities and Exchanges Commission to start the legal process that eventually derailed TON.