Telegram's ICO Received $3.8B Worth Applications

Russian media with reference to anonymous source reports on huge demand around unconfirmed Telegram ICO
22 January 2018   989

The web has information that the collection of applications for participation in the ICO of the Telegram has been completed. Initially, the organizers intend to raise $ 850 million, but the bids were eventually raised by $ 3.8 billion. This is reported by Russian media "Vedomosti".

According to "an employee of a venture fund familiar with ICO participants and a member of an investor syndicate who is going to invest in Telegram", the proposal caused an agiotage among investors. It is noted that those who could not invest at this stage intend to buy back shares from more successful funds in the future. Different interlocutors of the newspaper say about the premium reselling in 20-30%, and some believe that with $ 0.3 per token, the price may rise up to $ 3.5.

Approved by the owners of Telegram payments for pre-ICO should be held before February 1, Vedomosti's interlocutors added. The collected funds Telegram will spend on the future block-platform Telegram Open Network (TON).

In addition, on the evening of Sunday, January 21, Pavel Durov first mentioned the Gram Cryptocurrency in his Twitter.

It should be noted that Pavel Durov himself has not officially confirmed the information about the crowdsdale of the TON project, however, scammers have already appeared on the network offering users to buy the non-existent crypto currency of the Telegram messenger.

Earlier it became known that due to the excitement around the ICO of its project, TON Telegram was forced to turn down a number of investors. As an unnamed negotiator with the company's managers noted, Pavel Durov does not seek to attract Russian funds.

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   57

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.