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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. Just days after Russia invaded Ukraine, Durov wrote that Telegram was "increasingly becoming a source of unverified information," and he worried about the app being used to "incite ethnic hatred." Either way, Durov says that he withdrew his resignation but that he was ousted from his company anyway. Subsequently, control of the company was reportedly handed to oligarchs Alisher Usmanov and Igor Sechin, both allegedly close associates of Russian leader Vladimir Putin. Multiple pro-Kremlin media figures circulated the post's false claims, including prominent Russian journalist Vladimir Soloviev and the state-controlled Russian outlet RT, according to the DFR Lab's report. The regulator said it has been undertaking several campaigns to educate the investors to be vigilant while taking investment decisions based on stock tips.
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