Durov Brothers File Telegram And TON With SEC, Report $850 Million Already Raised


Telegram creators Pavel and Nikolai Durov have filed a “Notice of Exempt Offering of Securities” with the US Securities and Exchange Commission (SEC) Feb. 13, reporting $850 mln raised under the SEC exemption Rule 506(c) from 81 investors for “the development of the TON Blockchain, the development and maintenance of Telegram Messenger.”

The type of securities offered in the SEC filing are described as “Purchase Agreements for Cryptocurrency”, and are filed under the Rule 506(c) exemption that means that US citizens who invest must be accredited investors — those worth more than $1 mln or that have an annual income of $200,000 — in order for the tokens to not have to be registered with the SEC as securities.

The Eastman Kodak Company, which had announced the launch of their own ICO under the same exemption in early January, 2018, has postponed their ICO to take more time to verify their investors’ accredited status.

The date of the first sale for the Durovs’ ICO is noted as Jan. 29 of this year. By filing with the SEC, the Durovs are preparing to allow for US citizens to legally invest in their project, and implying that US citizens may in fact be some of the 81 investors.

Although the SEC filing did not contain the names of any investors in the Durov’s securities offering, Russian news outlet Vedomosti revealed today the names of some of the largest alleged investors, citing inside sources.

Russian billionaire Roman Abramovich, who purportedly has already invested in cryptocurrencies, reportedly was one of the first Russian citizens to be approved to invest in the project. One source allegedly close to the billionaire told Vedomosti that Abramovich had invested as much as $300 mln, however another source claimed the sum was closer to $20 mln.

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