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Investors demanded compensation for $100 million for Pavel Durov’s failed blockchain project

Investors are ready to sue Pavel Durov’s TON Inc. project. and Telegram Inc. Representatives of the Da Vinci Capital fund sent a letter to the founder of Telegram and his team in which they demanded damages recovery in the amount of $100 million for the failed cryptocurrency project, according to Forbes that cites sources. The notice states that failure to compensate for damages will result in litigation in the UK. The defendants will be not only Pavel Durov, but also other top managers and lawyers of TON. We would like to remind the reader that in mid-2020, Pavel Durov announced the closure of his TON blockchain project. This was due to a court decision that agreed with the SEC's position and prohibited the transfer of Gram tokens to platform investors. Earlier, the project attracted $1.7 billion from 171 investors.

American financier approved BTC as an investment asset

Jurrien Timmer, Director of Global Macro at Fidelity Investments, shared his vision of the prospects for the main cryptocurrency as an investment asset. A top manager of the company suggested considering BTC a form of "digital gold" and using it to hedge inflation risks. “In my view, bitcoin has evolved to the point that it could be treated as a form of digital gold…a possible counterweight to future monetary inflation,” Timmer tweeted. A top manager at Fidelity Investments, analyzing the nature of bitcoin, noted that the demand for this asset continues to grow "exponentially", while the supply remains unchanged. This scenario cannot be applied to gold, the annual production of which has remained roughly the same for a long time.

NYC Attorney's Office: Investing in Cryptocurrencies is fraught with "extreme risks"

New York Attorney General Laetitia James issued a sharp statement on the cryptocurrency market, warning investors about its susceptibility to "speculative bubbles" and abuse by criminals. In her opinion, investing in digital assets is "impractical" and carries "extreme risks." "Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains," the New York Attorney General says. The warning came amid the growing attention of retail and institutional investors to the cryptocurrency market and to Bitcoin in particular. “The recent dramatic run-up in price of virtual currencies (especially bitcoin) promises the lure of unrealistic returns and has opened the door for con artists and cheats,” said James.