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. In a message on his Telegram channel recently recounting the episode, Durov wrote: "I lost my company and my home, but would do it again – without hesitation." However, the perpetrators of such frauds are now adopting new methods and technologies to defraud the investors. The regulator said it had received information that messages containing stock tips and other investment advice with respect to selected listed companies are being widely circulated through websites and social media platforms such as Telegram, Facebook, WhatsApp and Instagram. The Security Service of Ukraine said in a tweet that it was able to effectively target Russian convoys near Kyiv because of messages sent to an official Telegram bot account called "STOP Russian War."
from sg
