Telegram ICO is sending investors contradicting signs. The popular messaging app company, having raised more than 850 million dollars in a private sale (the first phase of the ICO), had promised investors that in case the ICO was not going to launch, their funds would we returned. But now, it seems that they won’t.
The first documents, sent to potential investors in phase one, said that the funds were to be reimbursed in case the ICO failed. But other more recent documents state that: “There can be no assurance that the Issuer or Telegram will have sufficient funds to make payments of any Termination Amount (as defined in the Purchase Agreements) as and when required under the terms of the Purchase Agreements. Neither Telegram nor the Issuer has any fiduciary or other obligation to use the funds generated by the token sale for the benefit of the purchasers…”
The Telegram ICO has faced harsh criticism for the technical contents of its whitepaper, and now for the lack of clarity in the financial documents that they are sending possible investors.