SBF’s Plan to Acquire $100M Worth of Telegram’s TON Tokens Revealed

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SBF’s Plan to Acquire $100M Worth of Telegram’s TON Tokens Revealed
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Nishad Singh, a former top engineer at the defunct crypto exchange network FTX, testified on Oct. 16 that the network’s ex-CEO, Sam Bankman-Fried, had planned a potential deal with Telegram for TON tokens.

A. There was a point when Sam was in the Middle East, he sent a message to a Signal group called hashtag…As described by Singh, part of the scheme unfolded last September when Sam Bankman-Fried was in the Middle East seeking to raise funds. The then-CEO proposed a deal with Telegram to net them a large quantity of TON tokens, Telegram’s cryptocurrency.

While Singh and other team members expressed concerns about the risks of acquiring illiquid tokens, Sam Bankman-Fried decided to push forward with the plan. SBF told the team:

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