When Telegram announced they would host an initial coin offering, the media attention was overwhelming. Now that most of this funding has concluded successfully, it has become apparent that the company raised a lot of money in the process. At the same time, there is a fake Telegram company registered in the UK which raises a ton of questions.
Beware of the Fake Telegram Company
While most people can tell the real Telegram from a fake company, that situation may prove to be different in the United Kingdom. More specifically, it seems there is a clear clone of Telegram registered in the United Kingdom, even though it has nothing to do with the actual company. This bold approach by scammers and criminals clearly paints a worrisome picture.
What’s more, the fictitious Telegram company lists Telegram founder Pavel Durov as its sole shareholder. How the company got away with filing that information without raising any suspicions will always remain a mystery. The name of this venture is Telegram Open Network Limited. That name is pretty interesting, as it is almost the same name as the real Telegram’s ICO venture.
As one would expect, this UK firm has nothing to do with Pavel Durov. In fact, he wasn’t even aware of this particular firm until it made some media headlines last week. Anyone who takes a closer look at the company’s listing will clearly see that it is not the real deal. Pavel Durov is not a British citizen, and his base of operations isn’t in the United Kingdom either.
Additionally, one has to wonder how Telegram Open Network Limited managed to get its listing approved. The firm claims to have 800 million GBP in paid-up capital. That is anything but the case, as this fictitious firm probably has no real funds backing it up at all, as a significant investment would invoke a hefty tax bill.
Unfortunately, it has become relatively easy to incorporate fictitious and fraudulent companies in the UK. Considering that applications can self-certificate in exchange for a small payment, anyone can set up a company in the UK right now. This is also why we have seen so many UK-registered cryptocurrency scams over the past few months.
It will be interesting to see what happens to this fictitious company in the future. It is very likely some legal action will be taken against the people registering it, although there is no indication as to who actually did so. Newly-registered companies sign a statement of compliance, though, which may lead to the authorities finding the people behind Telegram Open Network Limited. Whether or not more fake companies will be registered in the future remains to be seen.