@8blocks.base.eth

Everyone’s asking why Telegram is selling $TON. The more interesting question is how $TON got here in the first place. The story starts back in 2018. That’s when Durov launched the $GRAM token ICO and raised $1.8B from investors. At the time, it was one of the loudest rounds the industry had ever seen. Then 2019 happened. U.S. regulators stepped in. The GRAM launch was blocked. The ICO was ruled unlawful, largely because U.S. citizens had participated in the sale. That’s where the rollback began. Telegram had to return the money to investors. But Durov had already spent it. To deal with the fallout, Telegram raised $1B through eurobonds to cover part of the refunds. Not long after, a “non-affiliated” nonprofit showed up in Switzerland – the TON Foundation. Years pass. But debts don’t disappear. And that’s where things get interesting. In March 2026, Telegram has to repay that same $1B in bonds. If not from TON, where exactly is that money supposed to come from? 😈

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