The London Court rejected the claim against Telegram Open Network (TON) project

Igor Chuprin, the founder of Zotobi Management Limited, who invested $1 million in the TON, demanded the return of funds.

A stock photo of the statue of Themis goddess with a British flag on the background.

TON is a blockchain-based project that allows fast transactions and supports a number of dApps. It was launched in 2018 by the Telegram Group, a company behind the popular encrypted messenger. To fund the project development, Telegram held a private ICO of Gram, the network’s native token. Yet, in 2020, the CEO Pavel Durov announced that there would be no launch of TON and suggested investors either receive 72% of funds immediately or provide them as a loan and receive 110% in a year.

Shortly after, Chuprin appealed to the London Court of International Arbitration in an attempt to return 100% of the funds immediately, claiming that he made an investment decision in a hurry. However, the court rejected Chuprin’s claim, ruling that he was fully aware of the risk.