These administrators had built substantial positions in these scrips prior to the circulation of recommendations and offloaded their positions subsequent to rise in price of these scrips, making significant profits at the expense of unsuspecting investors, Sebi noted. 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. Since its launch in 2013, Telegram has grown from a simple messaging app to a broadcast network. Its user base isn’t as vast as WhatsApp’s, and its broadcast platform is a fraction the size of Twitter, but it’s nonetheless showing its use. While Telegram has been embroiled in controversy for much of its life, it has become a vital source of communication during the invasion of Ukraine. But, if all of this is new to you, let us explain, dear friends, what on Earth a Telegram is meant to be, and why you should, or should not, need to care. What distinguishes the app from competitors is its use of what's known as channels: Public or private feeds of photos and videos that can be set up by one person or an organization. The channels have become popular with on-the-ground journalists, aid workers and Ukrainian President Volodymyr Zelenskyy, who broadcasts on a Telegram channel. The channels can be followed by an unlimited number of people. Unlike Facebook, Twitter and other popular social networks, there is no advertising on Telegram and the flow of information is not driven by an algorithm. The company maintains that it cannot act against individual or group chats, which are “private amongst their participants,” but it will respond to requests in relation to sticker sets, channels and bots which are publicly available. During the invasion of Ukraine, Pavel Durov has wrestled with this issue a lot more prominently than he has before. Channels like Donbass Insider and Bellum Acta, as reported by Foreign Policy, started pumping out pro-Russian propaganda as the invasion began. So much so that the Ukrainian National Security and Defense Council issued a statement labeling which accounts are Russian-backed. Ukrainian officials, in potential violation of the Geneva Convention, have shared imagery of dead and captured Russian soldiers on the platform.
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