Investors Sue For $159M Over 'Cryptocurrency Con'

Law360, London (November 28, 2019, 7:27 PM GMT) -- A group of investors are suing a Russian businessman living in England for $159 million in damages over allegations that he “cynically” duped them out of the profits of their investment in a new cryptocurrency called Gram, according to court documents filed at the High Court in London.

The investors alleged in documents filed at the court on Nov. 7 that Valeri Korotkov conned them into investing $15 million in Gram, cryptocurrency tokens issues by a subsidiary of Telegram Group Inc., which operates an instant messenger services with approximately 200 million users.

The suit claimed the investors - including companies from Liechtenstein, the...

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