Telegram, the corporate behind the 400-million robust messenger app, has voluntarily dismissed its case in opposition to one other cryptocurrency firm over the trademark for a GRAM cryptocurrency and should pay its authorized charges.
In 2019, the privacy-first messenger app firm secured a preliminary injunction that barred Lantah, a small know-how agency desirous about issuing a GRAM cryptocurrency for “the world’s first Borderless Marketplace,” from utilizing the time period.
Telegram claimed that it had the precise to make use of the trademark for a cryptocurrency that may energy its personal blockchain challenge, the Telegram Open Network, which it began growing in the beginning of 2018—across the identical time Telegram filed the lawsuit in opposition to Lantah.
But in May 2020, the wind was sucked from Telegram’s sails. Telegram deserted Grams, the cryptocurrency that may have powered TON, after a prolonged dispute with the US Securities and Exchange Commission over the $1.7 billion ICO for the blockchain community.
The SEC alleged in October 2019 that Telegram’s ICO constituted an unlawful securities sale. Telegram, believing that it had cleverly structured its token sale to keep away from such allegations, fought the SEC for months.
When the community didn’t launch by May, that triggered a clause in Telegram’s contract with buyers—after the deadline, Telegram needed to return the entire cash raised in its ICO. It deserted the challenge two weeks later.
Telegram formally settled with the SEC on June 26. A couple of weeks earlier than, on June 9, Telegram filed a movement to dismiss the trademark case in opposition to Lantah “without prejudice and without conditions.”
Lantah’s attorneys fired again that Telegram ought to pay “reasonable attorneys’ fees and costs.” Telegram’s attorneys insisted Telegram shouldn’t need to pay. They contended that “the majority of Lantah’s costs were created by ‘its own (unsuccessful) litigation strategy,’” which they termed “excessive and avoidable”—in any case, Telegram had received the request for a preliminary injunction in opposition to Lantah’s use of the trademark.
The court docket discovered that Lantah’s case was neither extreme nor avoidable. It ordered Telegram to pay Lantah’s court docket charges and vacate the preliminary injunction.
Finally, maybe, Lantah’s dream is feasible. According to its web site, the arrival of Lantah implies that “fraud, friction, and the greedy middle man will no longer run our way of buying and selling goods and services!”
Telegram, apparently, received the message.