Alleged Telegram ICO Whitepaper Leaked

The document consists of 132 pages, which corresponds to the description previously provided by TechCrunch
15 January 2018   1754

In the Telegram channels devoted to the upcoming ICO Telegram Open Network (TON), which the creators of the original messenger are supposedly behind, white paper is spreading, containing detailed information about the upcoming project. The document consists of 132 pages, which corresponds to the description previously provided by TechCrunch.

As the author of white paper, the elder brother of Pavel Durov Nikolay, who is the co-founder of the Telegram project, is listed.

The Telegram Open Network (TON) is a fast, secure and scalable blockchain and network project, capable of handling millions of transactions per second if necessary, and both user-friendly and service provider-friendly. We aim for it to be able to host all reasonable applications currently proposed and conceived. One might think about TON as a huge distributed supercomputer, or rather a huge “superserver”, intended to host and provide a variety of services.

Alleged TON Whitepaper

The author of the document notes that it does not contain the final information about all the details of the project.

The main part of the document is devoted to the principles of the TON blockchain, including  "shardchain" (shardchain), which will represent the smaller elements of the "workchain", which in turn enter the main block or "masterchain".

Separately, the principles of the functioning of applications and the operation of payment channels are described (the possibility of using the Lightning Network technology is considered), as well as the own TON Gram network's criticality. According to white paper, Gram is used to store the deposits needed to become a validator, and cover commissions related to the transfer of transactions, the processing of smart contracts and the storage of data.

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   75

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.