Messaging app Telegram says it’ll offer investors a refund if its ICO flops — but there’s a catch

Telegram, the messaging app operator which recently raised $850 million in a private token sale from institutional investors, expects to raise as much as $1.7 billion in a second sale that will begin at the end of February, according to documents sent to potential investors. In total, that’s more than $2.55 billion. In the document, the company said it would issue a refund if the product doesn’t launch by October 2019. But in a separate document, the company said that there’s no guarantee they would have the money to issue a refund.

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