The Telegram, which collected $1.7 billion in special sales, decided to cancel the ICO’s public sale. The company, led by Pavel Durov, announced that it had decided not to go to the ICO due to operational and regulatory difficulties and that 1.7 billion budget it had collected from investors in private sales to develop the Telegram Open Network (TON) has been found to be enough.
Earlier reports indicated that Telegram hoped to raise $5 billion in private, pre-sale and publicly traded ICOs. The developments concerning the regulation also influenced the decision to open ICO to the public.
The Securities Exchange Commission’s regulations on ICOs remain unclear, and the uncertainty so far bounded the participation of some venture capital groups in ICOs. Some Telegram investors have acknowledged in recent months that a public sale could encourage more oversight. Given that now it wouldn’t just be wealthy venture capitalists who possibly could be hurt by a token sale gone wrong.
Among the investors involved in the pre-sale were renowned Russian billionaire Roman Abromovich, Sergei Solonin, founder of Qiwi, and David Yakobashvili, founder of Wimm-Bill-Dann.