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Fake British Company Plans To Exploit Telegram’s Mega ICO

An unknown person created a fake United Kingdom company that appears to be the same as the Telegram crypto project, the Telegram Open Network. The idea, by all indications is to exploit the genuine Telegram’s ICO.

On February 28., an unknown entity incorporated the Telegram Open Network Limited. The document of incorporation, going by the ones presented to the British companies register, Companies House, reflected that Telegram founder, Pavel Durov, is presented as a sole shareholder, director and secretary, with the company claiming £800 million (US$1.13 billion) in paid-up capital.

The revelation was debunked on Twitter shortly after the news surfaced.

According to Telegram, on Twitter: “This entry is fake ( …). Most likely a prank or scam, no such company was registered by Pavel.”

Going by the entry, Durov is regarded as a citizenship of the United Kingdom, and Telegram’s is said to be based in the UK as well. By all indications, Durov is a citizen of St. Kitts and Nevis.

According to Quartz, he left Russia after being forced out of social network Vkontakte, VK, which he founded.

“Separate filings for the British partnership that publishes the app on the Android app store, Telegram Messenger LLP, show that he listed himself as a resident of the United Arab Emirates as recently as Feb. 21,” Quartz revealed.

Another very important signal that the listing is fake is that it lists £800 million in paid-up capital. Meanwhile, the fact that Durov relies on offshore investment individuals makes the fake listing appear genuine. Telegram Messenger LLP, has two offshore firms as partners.

Telegram Open Network has aired it generated $1.7 billion from its Initial Coin Offerings despite people assertions that the ICO is a big hoax, ticking time bomb, and needless. In February, the cryptocoin said it raised $850 million, the same amount was doubled last week, raising the generated fund to $1.7 Billion.

The Chat app, which has 200 million monthly active users, was being funded from the founder’s person income. In its early days, Telegram founders said the app is not for profit, and may not seek financial help in the nearest future. However, the app developers are now raising fund to finance the app.

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Another $850 Million Raised By Telegram ICO

94 different investors have seriously bought into the much anticipated Telegram ICO and helped raise a staggering $850 Million in a second round pre-sale event that started on March 14th this year. The 94 investors have not been disclosed in a document submitted to the Securities and Exchange Commission of the USA (SEC). The document is keen to note the final amount of $850 million mentioned earlier.

This brings the total raised in both pre-sale events of the ICO to a heavy $1.7 Trillion. The first round raised a similar $850 Million, with a third round also expected to raise a similar amount. This will bring the total to $2.55 Trillion even before the public is allowed to participate. Speculation has the final figure of funds raised at around $4 – $5 Trillion.

According to a leaked and unofficial white paper, the Telegram project is aimed at using the blockchain for a P2P network that has a torrent like access to technology and smart contracts used to enforce availability. The network will also amplify user privacy using proxies in the network. The crypto currency used in the network will be known as TON coins or simply, Grams. TON stands for Telegram Open Network.

The leaked White Paper does not go into details about the TON distribution during the ICO but it says:

Four percent of the supply (200 million Grams) will be reserved for the development team with a
4-year vesting period. During the initial stage of active TON development, at least 52 percent of
the entire supply will be retained by the TON Reserve to protect the nascent cryptocurrency from
speculative trading and to maintain flexibility at the early stages of the evolution of the system.
The remaining 44 percent (2.2 billion Grams) can be sold in accordance with the formul: pn := 0.1 × (1 + 10−9)n USD
The price of the first token to be sold will be approximately 0.1 USD, with and each successive
token will be priced one billionth higher than the previous one. As a result, the additional supply

One thing to note, is that Telgram recently announced that it had reached a milestone of over 200 Million users in the last month alone. They go ahead to use the global demographics to compare that number of active users, to the population in the most populous countries. 200 Million would classify Telegram as the sixth most populous country in the world. Now imagine the potential of the TON crytocurrency on its network with such a following.