Someone created a sham British company to exploit Telegram’s mega ICO

A company named Telegram Open Network Limited was incorporated on Feb. 28, according to documents lodged with the British companies register, Companies House. It names Telegram founder Pavel Durov as the company’s sole shareholder, director and secretary. The firm claims £800 million (US$1.13 billion) in paid-up capital. After some speculation on Twitter about the authenticity of the new entity, Telegram tweeted that it wasn’t connected to Durov.

It’s not difficult to incorporate a company with fraudulent details in the British companies register. The registration process at Companies House relies on self-certification by the applicant, and can be completed online for £12.

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