I did write about Telegram in this week’s edition of Digital Bytes which gave alot more background info if you would like a copy message me.
As a summary Telegram was the second biggest ICO raising $1.7 billion in 2018
The 91 initial investors paid 0.38 cents, in the second round investors paid $1.33 and as at 7th May 2020 OTC price of Telegrams Crypto currency Grams were $2.05
The price today fell to $0.04 that is a 95.3% drop in less than a month
Therefore, the initial investment of $20 million that was potentially worth $110million
Why the collapse? Well the founder of Telegram Pavel Durov has announced that Gram tokens will be not used on the Telegram network
Telegram was in dispute with the SEC back in 2018. Telegram said it would give investors their money back if Grams were not quoted by Oct 2019 a deadline it missed!
Will the SEC see the demise of Gram tokens as a justification of their actions and encourage them to pursue other Cryptos
How much will the Telegram investors of the $1.7 billion get back?
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