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May 6, 2018 04:06 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/MmdPw4sd79I/telegrams-billion-dollar-ico-has-become-a-mess
Telegram's Billion-Dollar ICO Has Become a Mess
Jon Russell and Mike Butcher from TechCrunch report of the mess that is Telegram's billion-dollar initial coin offering (ICO): Telegram's ICO was supposed to be a record-breaker to develop a platform that brings the decentralized internet to life. Instead, it has become a mess with the tightly controlled fundraising process in disarray as early backers sell their tokens for handsome returns. The company recently canceled the public sale piece of its ICO, the Wall Street Journal reported this week, after it raised $1.7 billion from private sale investors, according to SEC filings. But the issues date back further. Telegram's grand vision is to build the TON (Telegram Open Network), a blockchain-based platform that extends its messaging app, which counts 200 million active users, into a range of services that include payments, file storage, censorship-proof browsing and decentralized apps hosted on the platform. According to the original whitepaper, the plan was to raise $1.2 billion using both invite-only private investors and an open sale to the public. Telegram later extended the raise to $1.7 billion before it canceled the public sale altogether. That's almost certainly because it had already raised enough money to develop TON without the risk of running into the SEC's ongoing ICO probe by soliciting money from the public. The result is that the ordinary people can't buy Telegram's Gram crypto token until it is released on exchanges. There's currently no timeline for that. But, with massive demand for the messaging app and deep discounts for early backers, a secondary market for buying and selling tokens early has emerged -- with huge returns already realized by some.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/MmdPw4sd79I/telegrams-billion-dollar-ico-has-become-a-mess
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