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Friday’s performance was part of a larger shift. For the week, the Dow, S&P 500 and Nasdaq fell 2%, 2.9%, and 3.5%, respectively. Telegram has become more interventionist over time, and has steadily increased its efforts to shut down these accounts. But this has also meant that the company has also engaged with lawmakers more generally, although it maintains that it doesn’t do so willingly. For instance, in September 2021, Telegram reportedly blocked a chat bot in support of (Putin critic) Alexei Navalny during Russia’s most recent parliamentary elections. Pavel Durov was quoted at the time saying that the company was obliged to follow a “legitimate” law of the land. He added that as Apple and Google both follow the law, to violate it would give both platforms a reason to boot the messenger from its stores. "There are several million Russians who can lift their head up from propaganda and try to look for other sources, and I'd say that most look for it on Telegram," he said. At the start of 2018, the company attempted to launch an Initial Coin Offering (ICO) which would enable it to enable payments (and earn the cash that comes from doing so). The initial signals were promising, especially given Telegram’s user base is already fairly crypto-savvy. It raised an initial tranche of cash – worth more than a billion dollars – to help develop the coin before opening sales to the public. Unfortunately, third-party sales of coins bought in those initial fundraising rounds raised the ire of the SEC, which brought the hammer down on the whole operation. In 2020, officials ordered Telegram to pay a fine of $18.5 million and hand back much of the cash that it had raised. But because group chats and the channel features are not end-to-end encrypted, Galperin said user privacy is potentially under threat.
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