The average crypto enthusiast isn't likely to get their hands on grams - Telegram's crypto token - anytime soon.
While half of the ambitious $1.2 billion the messaging giant hoped to raise was supposed to come from an ICO open to public investors, recent SEC filings confirm Telegram has already raised $1.7 billion from two private sales. Now, sources with knowledge of the deal believe the company is likely to scrap its public sale altogether.
The reason? Raising money from the public could be way more trouble than it's worth.
For one, Telegram's blockchain, called the Telegram Open Network (TON), hasn't been built yet. (To be clear, no one has received any grams.) As such, Telegram is selling what basically amounts to IOUs for future grams under the Simple Agreement for Future Tokens (SAFT) framework.
That means - as displayed by the company's SEC filings - the company is selling a security, which cannot be sold to non-accredited investors (except under some exemptions).
"The regulatory environment is in a weird place with most teams having more questions than answers," said Anthony Pompliano, a general partner at Morgan Creek Capital Blockchain. "If teams can raise their capital goals in private sales, they'll continue to do so until there is less ambiguity in regulations."
This appears to be what Telegram is doing, although it's been tough to tell exactly what the founders are thinking since they've said nothing about the ICO or TON, both of which the white paper details will help facilitate a network of faster payments, file-sharing, decentralized privacy, domain registration and more.
TON has Successfully launched it,s private sale in which about 195 peoples participated has gain 850 Million US Dollars. They have enough funds now and possibly not launching public crowd sale.So beware of Scams
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