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Category: Cryptocurrency

  • The Surprising Financial Fall of Telegram: Is the $30 Billion Valuation Just a Dream?

    The Surprising Financial Fall of Telegram: Is the $30 Billion Valuation Just a Dream?

    Understanding Telegram’s Financial Reality

    Recently, Telegram’s financial situation has come under scrutiny, revealing some eye-opening details that have led many to question the company’s future. For years, Telegram has been a beacon of innovation in the messaging app industry, often compared to giants like WhatsApp. However, the recent disclosure of its financial statements paints a different picture.

    According to the latest reports, Telegram has been operating at a loss, with a deficit of half a billion dollars over the last two years. This is a stark contrast to the optimistic valuations some have suggested, putting the company’s worth at around $30 billion. But when we dive deeper into the numbers, that valuation seems far from reality.

    The Revenue and Loss Dilemma

    Telegram’s revenue in 2023 was reported at $342 million, which, on the surface, seems like a decent figure. However, this is overshadowed by a net loss of $259 million, raising concerns about the company’s sustainability. One of the most telling signs of trouble is that a significant portion of Telegram’s revenue comes from its crypto-related ventures, particularly its integrated wallet and the sale of ‘collectibles.’

    In 2023, the company made $130 million from its crypto wallet and $100 million from selling these so-called collectibles. But what exactly are these collectibles? In simpler terms, these are premium usernames and custom phone numbers, sold in exchange for Telegram’s cryptocurrency, Toncoin. While this might sound innovative, it’s important to note that such revenues are highly speculative and risky, especially in the volatile world of crypto.

    The Creative Accounting Behind the Numbers

    One of the most concerning aspects of Telegram’s financial report is the creative accounting methods employed. For instance, the company recorded a gain of $85 million from the ‘revaluation of digital assets.’ This essentially means that Telegram decided to assign a value to its crypto assets, adding it to their income statement. However, such accounting practices are often seen as questionable because the actual worth of these digital assets is highly uncertain and can fluctuate wildly.

    Furthermore, Telegram lists $399 million worth of digital assets on its balance sheet, surpassing its cash reserves of $170 million. This heavy reliance on crypto assets raises red flags, especially considering the volatile nature of cryptocurrencies. It’s not just the figures that are concerning but the fact that these assets, which many might argue are overvalued, form a substantial part of Telegram’s reported wealth.

    Is Telegram’s $30 Billion Valuation Justified?

    Given these financial realities, it’s difficult to justify the $30 billion valuation that Telegram once boasted about. A more realistic valuation, considering the company’s actual revenue, losses, and the quality of its assets, might be closer to $2-3 billion. This valuation would be more in line with the company’s ‘honest’ revenue and its financial health.

    Moreover, the company is saddled with $2 billion in debt, further complicating its financial outlook. This debt is a significant burden, especially when the company’s revenues are not enough to cover its losses. The combination of these factors suggests that Telegram’s future might not be as bright as it once seemed.

    Final Thoughts

    While Telegram has been a trailblazer in the messaging app space, its financial statements reveal a company struggling to stay afloat. The reliance on speculative crypto assets and creative accounting raises questions about its long-term viability. As investors and users, it’s essential to look beyond the hype and focus on the hard numbers. The reality is that Telegram may not be worth anywhere near the $30 billion it once aimed for, and it’s crucial to keep this in mind as the company navigates its financial challenges.

    Read the article “Telegram’s Battle with Russian Authorities: From Blocked to Arrested”

  • Pavel Durov’s Arrest: A Global Controversy Uniting Unlikely Allies

    Pavel Durov’s Arrest: A Global Controversy Uniting Unlikely Allies

    Disclaimer: 


    This text is a translation of a post from a friend of a friend on Facebook.  

    I do not know this person and have no connection to them. 

    I do not use any cryptocurrencies and have no involvement with any operations or people related to cryptocurrencies, Telegram, or the individuals mentioned in this post.  

    Here is the link to the original post:  

    link

    Nazar Tokar has already appeared live on BBC and gave comments on behalf of Kremlgram to several Ukrainian media outlets.

    I’ll summarize some of the most interesting facts from it in this post.

    The funniest thing, of course, is watching how four different groups united in defending Durov:
    – American MAGA Republicans
    – Russian “opposition to Putin”
    – Russian military-fascist masses
    – Various radicals accused of pedophilia, human trafficking, and other sins

    It’s clear that most of the English-speaking audience is hearing about Telegram for the first time, so the context we have after the last year and a half of studying their ties with the Kremlin, their lack of digital security, their platform for disinformation, and shelter for traffickers of people, drugs, weapons, and criminals of all kinds, as well as their double standards in moderation — all of this is in high demand.

    So, what else is interesting:
    – You probably already know about Kremlgram and our publications, so I won’t dwell on that.
    – Of course, Elon Musk, Tucker Carlson, David Sacks, Kim Dotcom, Andrew Tate, Lex Fridman, and many other “usual suspects” are outraged by the “violation of free speech” and are demanding Durov’s immediate release from custody.
    – The TF1 channel reported that “French authorities are investigating potential ties between Durov and the Kremlin.”
    – Also, “Pavel Durov is a French citizen and cannot be extradited.”
    – Russians are demanding that Le Pen stand up for Durov.
    – 🤡 The Russian Embassy in France declared that Durov is a Russian citizen. His Russian passport is valid. Before this, Telegram, in response to my column for Ukrayinska Pravda in 2023, stated that Durov is an exile from Russia and has no ties with it.
    – 🤡 The Russian Telegram channel “crazy about Z-military” unironically writes: “They essentially arrested the head of communications for the Russian Armed Forces.”
    – The arrest happened just a few days after Durov was in Azerbaijan alongside Putin. Obviously, their simultaneous presence there couldn’t have been a coincidence.
    – The notorious Yekaterina Mizulina believes that Durov was arrested to strike a blow at the TON cryptocurrency, in which large Russian businessmen have invested. Thank you, Yekaterina, now we know that financiers of the Russian regime are using Telegram to hide money.
    – I don’t understand why Durov flew to France knowing he would be arrested. My hypothesis seems very unlikely even to me, but perhaps he’s confident that Russia will pull him out, and this is an attempt to cause a split in Western societies and create an image of a revolutionary and freedom-of-speech fighter.
    – Another hypothesis is that Pavel chose French prison over skyscraper windows and tea with polonium. I’m less inclined to believe this one.

    I think there will be a lot more interesting developments on this topic in the coming days.

    I’ll leave a link to the thread on Twitter in the comments, and follow me there if you want to keep up with the details.

  • Escaping the Crypto Crackdown: Why Staying Abroad Could Be the Worst Decision for Russian Developers

    Is a crypto crackdown possible in the future?

    Disclaimer:

    This text is a translation of a post from a friend of a friend on Facebook.  

    I do not know this person and have no connection to them.  

    I do not use any cryptocurrencies and have no involvement with any operations or people related to cryptocurrencies or the company Telegram.  

    Here is the link to the original post:  

    https://m.facebook.com/story.php?story_fbid=pfbid02Vzp7EZhnabw6sSMKM4UkX76MSBAPxUmZpLUQGFqmD4r5icdSF49tKwuvAXmAYCsgl&id=100008746423932

    To my friends from Telegram. Urgently fly to Russia.

    1. In January 2023, Anatoly Legkodymov was arrested in the USA. He was involved with the BTC Banker bot in Telegram. At that time, it was the largest bot for crypto exchange. A few weeks later, the entire project team was arrested, including Pavel Lerner (the creator of Exmo and Utorg exchanges).The team has been in France all this time, waiting for trial. Nothing is happening, no information is coming through. I spoke with the girlfriend of one of the team members yesterday.The French court, prosecutor’s office, and Europol are not making any decisions. They are simply transmitting the charges from the USA. I have seen the charges. The lawyers are completely useless. In cases of this level, with interest from the USA, they have no influence.Only Anton Shkurenko managed to escape. He decided to stay in Moscow. Everyone who was outside Russia has been arrested.

    2. In December 2023, upon arriving in France, my friend was arrested. There is no information about this in the Russian media. Those in the crypto exchange community know him. The French authorities arrested others as well, people they believed to be connected. This included the pregnant wife of my arrested friend, who is a housewife. Since December, there has been no information. They are just sitting and waiting. They are in the same detention center as the BTC Banker people.Only the part of the team that was in Russia managed to escape. Naturally, they are no longer leaving Russia.

    3. Two years ago, my friends from Tornado Cash were arrested. Those who were abroad were arrested. Alexey was sentenced to 6 years in the EU. Roma, thank God, was placed under house arrest while waiting for trial in the USA. Waiting for trial is terrifying, the nerves burn terribly because of the uncertainty.In Tornado, only those who were in Russia escaped. They are doing fine.

    4. A month ago, a group of Russians, about 10 people, was arrested in the UAE. They were immediately extradited to the USA. There is no information about this in any media. The charges are for bypassing sanctions through crypto payments.

    The part of the team that was in Russia managed to escape.

    5. Vinnik and BTC-e. You know the story. It’s worth mentioning that the employees of the successor exchange, Wex, were also arrested abroad later on. I am 100% sure they were only released under very special conditions. Specifically, full cooperation. You could say they were lucky. Otherwise, they would be imprisoned for a long time.

    6. Roma Sterlingov. The creator of the Bitcoin Fog mixer. He was arrested in 2021. Roma wasn’t lucky—he didn’t get house arrest while waiting for trial. He waited three and a half years in a US prison. The jury trial was held very recently. He was given 30 years. The prosecution asked for 50 years. Ten days ago, Roman’s defense team filed a 37-page appeal against the sentence. But I think it’s already useless. I will write a link to the document on the justice department’s website in the comments.

    Summary

    Five out of the six tragedies above happened right in front of my eyes. I knew the members of the teams. Statistics show that staying outside Russia is the worst possible decision.

    In the worst-case scenario: In Russia, there are no long sentences for such crimes. And the comfort level of serving time in a settlement colony in Russia is comparable to Norwegian prisons.

    Practice shows that in Russia, they leave you alone. Especially now, when the world has become bipolar. And even before the split: remember Jan Marsalek. He is doing fine in Russia.

    There is no way to help Pavel anymore. His arrest is not the beginning of the process. It is the result of long-term work by a large number of specialists in the USA.

    I personally saw the charges in the above processes with my own eyes. They were not prepared by Interpol or Europol. They were prepared by the USA. France is simply a place of detention and waiting. The headquarters of Interpol is there. The local authorities and law enforcement agencies are simply relays for the USA.

    The chronology of other cases shows that after the first arrest, the arrest of the teams always follows without exception. Those team members who decided to urgently fly to Russia – their fate turned out well. Others who decided to defend themselves in the West – their fates turned out badly. I could give another five examples; they all follow the same pattern.

    Friends, your main goal now is to protect yourselves. Your time may be running out. Find an opportunity for an emergency move to your homeland. And don’t fool yourselves into thinking the UAE is a neutral zone.