Telegram TON Tokens Deal Pitched By Former FTX Engineering Director

Key Points:

  • Telegram TON Tokens Deal would see FTX receive a substantial allocation of TON tokens, valued in the hundreds of millions of dollars, in exchange for their involvement in building a payment-processing platform for the messaging app.
  • Sam proposed a multi-million dollar Telegram TON tokens deal between FTX and Telegram, involving the construction of a payment-processing platform tailored for Telegram.
  • Despite concerns about acquiring additional less liquid TON tokens and the associated expenses, Sam expressed determination to proceed with the Telegram TON tokens deal, reassuring the group that they need not feel responsible for the decision.
In September 2022, during Sam Bankman-Fried‘s stay in the Middle East, he presented the concept of a potential collaboration between FTX and Telegram to acquire a multi-million dollar Telegram TON tokens deal.

SBF Pitches Multi-Million Dollar Telegram TON Tokens Deal to Influential Group

At a certain juncture, while Sam was in the Middle East, he conveyed his proposal via a message to a Signal group, known as “hashtag meetings” or “hashtag groups.” This group consisted of several influential individuals, approximately eight to ten of them. The core of his pitch centered on the idea of FTX engaging in a partnership with Telegram.

In response to Sam’s proposition, it was outlined that FTX could construct a payment-processing platform tailored for Telegram, in exchange for a substantial allocation of TON tokens, with an approximate value in the hundreds of millions of dollars. The notion seemed promising—a significant potential gain without an excessive workload to establish the payment service. However, it was also made clear that FTX would need to invest $120 million as part of the deal.

FTX Mulls Telegram TON Token, Despite Concerns

Inquired about his reaction to this development, it was apparent that the situation induced a considerable degree of unease. Acquiring additional, relatively less liquid tokens did not elicit enthusiasm, particularly when the associated expenses were expected to be shouldered by the customer base.

In light of these concerns, Sam ultimately addressed the broader group and expressed his determination to proceed with the collaboration, alongside Ramnik. He reassured the group that they need not feel accountable for the decision, clarifying that the intent behind sharing the proposal was not to impose responsibility upon them. Sam made it clear that unless any significant and entirely new objections surfaced, the project would move forward as planned.

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