Telegram Cancels Plans To Launch Public ICO

Telegram Cancels Plans To Launch Public ICO
Telegram Cancels Plans To Launch Public ICO

More and more people are starting to receive mails and other messages about fake ICO’s that claim to sell TON tokens. Do not endorse in any ICO’s of this kind.

Telegram is cancelling its initial coin offering and it won’t be releasing its digital coins for public sale, an anonymous source told The Wall Street Journal. This came as a shock to public investors who hoped to get on board on one of the largest cryptocurrency investment opportunity in history, with an estimated $1.7 bln already raised.

The reason behind the decision to cancel the public offering came after they have raised enough money from the two ICO rounds they already held. Another source cited in the WSJ article attributed the shutdown to increasingly tight regulations coming from the SEC and CTFC. The rounds were open only to investors with a net worth of $1 mln or an annual income of $200,000.

Cointelegraph reported that one of the first round participants included Russian bilionaire Roman Abramovich, who invested $300 mln. One of his spokepersons denied the $300 mln investment and declined to comment whether Abramovich took part at all. The founders of payment service provider Qiwi and Wimm-Bill-Dann foods, Sergei Solonin and David Yakobashvili respectively, have publicly announced their participation in the Telegram ICO.

The privately raised funds will be used to to support the development of the Telegram App and the launch of the Blockchain platform Telegram Open Network (TON) – which aims to serve as an alternative to Visa or Mastercard.




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