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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Telegram (TON) To Return $1.2B From Failed Crypto, Will Investors Get a Refund?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
telegram ton crypto cryptocurrency

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The Securities and Exchange Commission stepped in and put an end to Telegram’s TON crypto token. This week, Telegram settled with the SEC for $18.5 million and intends to return the remaining ICO funds to investors.

But after commissions paid to venture capitalists and retail investor premiums, the refund process is likely to be a big mess. With so many loopholes and money changing through greedy hands along the way, will retail investors ever see a full refund?

Remembering the Historic ICO That Raised a TON of Money

Telegram is a private, “heavily encrypted” cloud-based instant messaging and voice over IP service. The messaging app is particularly popular with crypto users due to the privacy features offered. Accounts can even “self destruct” after a period of inactivity.

Its popularity with crypto users prompted the company to attempt to monetize the platform through the debut of a crypto protocol and token: TON, or Telegram Open Network.

Telegram raised over $1.7 billion from investors in the TON initial coin offering in 2018. Investors flocked to the TON token in droves.

Come October 2019, however, the United States Securities and Exchange Commission filed suit against the company for an unregistered securities offering.

Telegram refused to admit any wrongdoing but this week settled with the SEC for $18.5 million in fines. Telegram also agreed to return $1.2 billion worth of the remaining $1.7 billion in funds raised during the ICO.

But returning those funds, this far after the funds being raised and after changing through so many hands, will be messy.

https://twitter.com/chatwithcharles/status/1277531388321898497

Retail Investors May Never See Full Refund From Telegram Token Offering

Telegram’s TON initial coin offering, being a high-profile ICO, meant it had a more convoluted investment process than most others.

Typically, ICO investors would send BTC or ETH to a whitelisted crypto wallet address during a pre-sale phase. When the ICO launched, the newly issued tokens would then be deposited into a corresponding supplied crypto wallet.

With Telegram’s TON, according to a well-known crypto investor, three-quarters of that sum was “syndicated downward toward retail investors” at a premium.

Along the way, venture capitalists offering exposure to the ICO to clients would have taken commissions. VCs often take high commissions – commissions that were taken some two years ago at this point.

Even if the accounting nightmare is ever sorted, it will likely be the smallest time retail investors that lose out the most in the fallout of the historic ICO. Retail investors may never get all of their cash back, if at all.

This issue alone shines a spotlight on the reason why the SEC seeks to protect investors from such unregistered securities offerings. More protections in place could have prevented the accounting nightmare in the first place.

With ICOs now a thing of the past, crypto investors are a lot safer because of it, and the market much better off without them.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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