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. As a result, the pandemic saw many newcomers to Telegram, including prominent anti-vaccine activists who used the app's hands-off approach to share false information on shots, a study from the Institute for Strategic Dialogue shows. But because group chats and the channel features are not end-to-end encrypted, Galperin said user privacy is potentially under threat. However, the perpetrators of such frauds are now adopting new methods and technologies to defraud the investors. As the war in Ukraine rages, the messaging app Telegram has emerged as the go-to place for unfiltered live war updates for both Ukrainian refugees and increasingly isolated Russians alike.
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