British Company Wants to Exploit Telegram’s Initial Coin Offering

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We have all heard about the Initial Coin Offering (ICO) that Telegram is trying to carry out. Apparently, an unknown person has created a company in the United Kingdom that aims to exploit Telegram’s ICO, the Telegram Open Network.

Fake Telegram ICO Company

Apparently, an unknown person has decided to create a company in the United Kingdom and incorporate the Telegram Open Network Limited. The ICO is expected to be one of the biggest in the ICO market trying to reach $500 million dollars. The company is working on a blockchain platform and a cryptocurrency that will be dubbed TON.

The unknown person decided to incorporate Telegram’s Open Network on February the 28^th. In the document of incorporation, Pavel Durov, Telegram founder, appears as a shareholder, director and secretary. Moreover, the company claims £800 million in paid-up capital.

Once the news reached the media, Telegram’s official Twitter account explained that the company was not real and it was a scam.

This entry is fake (https://t.co/vs6ZKJyiCG). Most likely a prank or scam, no such company was registered by Pavel.

— Telegram Messenger (@telegram) April 6, 2018

“This entry is fake (beta.companieshouse.gov.uk/company/112294…). Most likely a prank or scam, no such company was registered by Pavel.”

But these are not the only signals that we have in order to determine that the listing is fake and not a real company.

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

What is TON?

There are several ICOs out there, and this year is expected to break 2017’s records in money gathered by this financing method. Telegram is one of the most important messaging applications on earth, and this new product could be very promising for cryptocurrencies and the crypto market.

The intention of Telegram’s founder, Mr Durov, is to build a cryptocurrency for the more than 80 million active users that the messaging company manages. TON developers are trying to build a cryptocurrency and a blockchain that will be fast, scalable, and at the same time, user friendly.

The platform would use Light wallets that would allow its users not to download large amounts of data to their smartphones. Apparently, the platform could not only be supported by Telegram, but also by other important messaging applications. But about that there is not so clear information.

Pavel Durov had problems in Russia due to the fact that he created Telegram and VKontakte, one of the most popular social networks in Russia. Once the authorities pushed him to sell the company, he had to leave the country and settle its life abroad.

Join the conversation over at Telegram (https://t.me/coinstaker)