Pavel and Nikolay Durovy reported about attraction of $850 one million for ICO Telegram and TON

Creators of the Telegram messenger, brothers Pavel and Nikolay Durovy submitted “The notification message about the sentence of securities exempted from taxes” to the American Securities and Exchange Commission (SEC) on February 13, having reported about attraction of $850 one million from 81 investors for “development of a blockchain of TON, development and support of the Telegram messenger”.

In the graph “type of securities” it appears “Agreements on the purchase of cryptocurrency”. Documents are filed according to an exception of Rule 506 (c). It means that for placement of a contribution the American citizens shall be the accredited investors, i.e. have more than $1 one million or revenue of $200 000 on the account. This exception allows not to register tokens in SEC as securities. The Eastman Kodak company which announced the start of own ICO, using the same exception at the beginning of January 2018, afterward I postponed ICO start to check the accredited status of investors.

Start date of sales of ICO of Durov — on January 29 this year. Filing documents to SEC, Durova want to allow the American citizens to join legally the number of investors, and actually, Americans can already be among 81 investors specified in papers.

The Russian billionaire Roman Abramovich who by hearsay already invested the capital in cryptocurrencies was, according to the message, among the first Russians investing in the project. The close source in the billionaire told Lists that Abramovich invested the whole $300 one million through other source calls the amount about $20 one million.

The technical documentation which is presumably developed for TON appeared in the middle of January through their authenticity was not confirmed by Durov. In the documents filed to SEC, it is told about two issuers of securities — TON Issuers Inc and Telegram Group Inc located on the British Virgin Islands. In “The list of the connected persons” Pavel Durov is specified as the managing director and the director, and his brother Nikolay — as the managing director.

Source, the close to the TON, reported that process of fundraising was carried out not as ICO in “normal understanding of this word” when tokens of the project are bought for other cryptocurrencies, as a rule, bitcoins (BTC) or Ethereum (ETH). Instead, according to a source, financing reminded more “the closed distribution of securities for normal, fiat currencies — dollars and euro”.

The same source says (and it is confirmed filed in SEC documents) that investors bought the rights for the internal TON cryptocurrency under the name “Gram” which will be distributed in between right after the start of the platform.

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