Blockchain firm bests Filecoin in terms of token sales
According to a document filed with the US Securities and Exchange Commission (SEC) a few days ago, the Telegram ICO has raised $850 million since 29 January, when the token sale officially began.
The filing reports that only 81 investors contributed to the funding round, pegging the average individual investment at just below $10.5 million.
Telegram reported its ICO under Rule 506(c) of Securities Act Regulation D, which stipulates that unregistered securities issuers may raise an unlimited amount of money and generally advertise the offering as long as they restrict contributions to accredited investors, file a report with the SEC, and prevent investors from selling their stakes for a predefined vesting period of either six months or one year.
This would mean the company can still hold funding rounds as long as it records them with the SEC. Telegram has reportedly targeted $600 million during the presale—a figure it bested by almost 50 percent—and intends to raise more than $1.2 billion by the ICO’s conclusion. This would beat Filecoin, the previous leader in ICO fundraising, which had netted $257 million during a token sale that ended last September.
Meanwhile, cybersecurity firm Kaspersky Lab revealed a now-patched vulnerability in Telegram’s desktop app that Russian hackers exploited to trick users into downloading malicious files that contained cryptocurrency mining malware.