From $1.7B to $18.5M

Plus a personal token hits a new market cap high

Happy late edition Thursday, Blockfolians

The Lede

Alas, the long sordid tale of Telegram’s TON project has come to an end. Not only will Telegram not be launching a token (that much we already knew), they will have to pay $18.5m in fines.

On top of that, they are liable for a disgorgement of $1.22B payable to their investors over the course of the next 3 years.

Will Telegram Ever Launch Planned $1.7Bln Blockchain Project ...

There has been perhaps no better reminder that, despite the heady, freewheeling notions of 2017 and 2018, the SEC was never prepared to cede their fundraising authority to a bunch of new internet norms. What’s worse, we didn’t even really get any more clarity, as Jake points out:

Goodnight, sweet prince. Let the next centralized fundraisingcoin come soon.

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Highly Relevant Reading

Community Commentary

Investor Travis Kling makes a strong argument that BTC has suffered from scam selling pressure
Wondering what all this yield farming stuff is about? Don’t worry, Josh has you covered - with no research at all!

A Really Big Number We Should Be Paying Attention To  


Okay, so this one isn’t huge but it is significant. That’s the amount that Kraken is granting to BTCPayServer. Yay for companies investing in bitcoin infrastructure!

Final Thought

Lol, holy crap!