Crypto Frontline

As the news had been pointing out, the Telegram ICO is the most successful in history, raising more than $1 billion in pre-sale. However, given that big pot of money, some scammers are trying to take advantage of the event, in order to trap some of the people that would like to get involved in the ICO.

Several websites had been reported thus far

The website, which functions under the name of Telegram foundation, is assumed to seek funds for what is called the Telegram ICO. The news had already pointed out that the ICO had taken place. Even though the pre-sale took place behind closed doors, there is a document, available at the Securities and Exchanges Commission that proves the ICO is over.

According to Coindesk, there have been reports regarding fraudulent emails related to the Telegram ICO and a Twitter account had also been found, which the name Telegram ICO. Coindesk also published an email sample which is as follows:

“Our efforts in creating a better blockchain cannot take effect unless we get the support of as many participants as possible. In return for your contribution, we will continue developing this blockchain even further, giving you more advantages within the blockchain technology.”

The scam behind the “ICO” states that payments in Bitcoin, Litecoin, and Ethereum are also accepted.

It was expected that some people might want to exploit the Initial Coin Offering of Telegram, given the high budget allocated it had (around 500,000 US dollars) and also given to the fact that it had been reported to raise such a huge amount of money.

Not all ICOs are legit and this one is definitely fake. You need to verify thoroughly details about the project in order find out if there are any signs of a scam ICO.

At the time of writing, there is still no comment from the Telegram representatives, but a point of view is expected to follow shortly. However, it is up to all investors in ICOs to make sure they are placing their money in a safe place. Scammers will continue to exist, no matter what.