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- Telegram messenger has been in a lawsuit with a small cryptocurrency company over the use of the ‘GRAM’ crypto ticker and trademark.
- Now, they have just been ordered to pay $620,000 worth of legal finances to the company after losing the lawsuit.
Telegram messenger has been in a lawsuit with a small cryptocurrency company over the use of the ‘GRAM’ crypto ticker and trademark. Now, they have just been ordered to pay $620,000 worth of legal finances to the company after losing the lawsuit.
Charles Breyer, United States district judge ruled on the 2nd of November that the social network needs to pay $618,000 worth of lawyer fees.
The small cryptocurrency company in question, Lantah had requested compensation at the rate of $900 on an hourly basis however the judge had reduced the finances to meet the market rate for the services to $600 an hour.
On top of this, the company was also given almost $6800 in costs that were not objected to by telegram.
This lawsuit has been going on for over two years since May 2018 with Lantah defending their own side after telegram raised a $1.7 billion some through an initial coin offering for its native token to the TON (telegram open network) blockchain platform.
Accusations were thrown against Lantah in regards to the common-law trademark infringement and unfair competition as it attempted to launch its own GRAM token.
In June of the same year, Lantah launched a counter lawsuit against the social network claiming that it had priority over the trademark after it filed an application with the patent and trademark office in the United States the previous year.
Telegram ended up abandoning the TON project early this year in May and the lawsuit was voluntarily dropped in August and settled a lawsuit filed by the United States securities and exchange commission in June.
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