Russian investors in TON report a UK brokerage for withholding funds

Russian investors in TON report a UK brokerage for withholding funds
July 08
11:45 2020

Russian investors reached for the help of an investigative authority because of a British brokerage allegedly withholding their funds amounting to around $1.5 million. The funds are associated with the investments into TON, Telegram Open Network token, which was unsuccessful.

The investors accused the company of refusing to pay them back the full amount of payments that the company has brokered for them. They have taken the case to the Investigative Committee of Russia. According to Cryptonews, the investors claim to have invested around $12 million into the ICO (initial coin offering) of the Telegram’s token, which ended up raising $1.7 billion.

It was previously reported that because Telegram’s token is no longer available, the company agreed to return the funds to the investors as stated in their contracts. However, it seems that the UK brokerage has only returned around $10 million to the investors, keeping the remaining sum as their “commission fees.”

The Investigative Committee of Russia seems to have started an audit of the brokerage after the investors turned to its help and sued the British company for fraud. Pavel Durov, the CEO of Telegram, claimed to have already returned about $1.2 billion to the investors.

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