Telegram Raised $850 Million, But Was it an ICO?

The business model most people attribute to initial coin offering doesn’t always hold up. The recent Telegram “ICO” shows how some of these offerings are no longer accessible to the public.
Changing the ICO Business Model
If Telegram’s recent funding is an example, the concept of an ICO is no longer public. While the company raised $850m, their way of doing so raises a lot of questions. An initial coin offering is usually open to non-accredited and accredited investors al