Messaging app Telegram says it'll offer investors a refund if its ICO flops — but there's a catch

Telegram, the messaging app operator, is looking to raise as much as $1.7 billion in a second token sale at the end of February, according to documents reviewed by Business Insider.
The company raised $850 million in a private sale for its ICO earlier this year.
If the company fails to launch the token, investors would get a refund. But the company also said it can't guarantee it would have the money to issue the refund.

Investors thinking of putting money into one of the most widely-watched initial coin offerings of 2018 better read the fine print.

Telegram, the messaging app operator which recently raised $850 million in a private token sale from institutional investors, expects to raise as much as $1.7 billion in a second sale that will begin at the end of February, according to documents sent to potential investors reviewed by Business Insider. In total, that's more than $2.55 billion. The second sale, according to one document, will take place in two "stages."
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