Telegram's $500 Million Bonds Frozen Due to Western Sanctions

According to a report by the Financial Times, Telegram's $500 million bonds in Russia have been frozen by the national settlement depository due to Western sanctions against Russia, despite founder Pavel Durov's efforts to distance himself from Moscow. This move poses an obstacle to its debt repurchase and raises concerns among investors. Telegram still plans to repay the related debt on schedule, and its recent half-year revenue increased by 65% year-on-year to $870 million. However, due to the depreciation of Toncoin, it incurred a net loss of $222 million. Telegram is actively promoting the integration of the Ton ecosystem and preparing for an IPO.