If Telegram's ambitious blockchain project fails, investors can't say they weren't warned.
Along with the white paper and technical documents, prospective buyers in what could be one of the largest-ever initial coin offerings (ICOs) have received a nine-page memorandum spelling out the risks of buying the tokens. For investors in traditional markets, such a litany of dangers is a familiar sight - the documents list almost every conceivable thing that could go wrong.
But the Telegram document, a copy of which was obtained by CoinDesk, is striking because the company isn't offering equity. Instead, the tokens would be used for payments between users and to access various services on the proposed Telegram Open Network, once it is built.
The document may have been written out of an abundance of caution, considering the size of Telegram's initial coin offering (ICO) - potentially $2.5 billion.
https://www.coindesk.com/8-ways-telegram-thinks-ico-go-wrong/