Pavel Durov’s recent arrest at a Paris airport sent shockwaves through the tech and trading communities. Durov, Telegram’s founder and CEO, faces charges related to the criminal activities happening on its platform.
This is FXStreet’s inside story with Telegram.
The Fate of Two Emails
On a Tuesday at noon, April 9 this year, FXStreet’s contact desk received a routine email titled “Article Review – Potential Amends”. What was a usual reach-out from a company to amend or influence our coverage felt a little special because of its sender: a Telegram representative.
The email read as follows (translated from Spanish):
I am writing to request clarifications on an article.
We can’t confirm that such a vulnerability exists. This video is likely a hoax. The people behind the video were unable to provide any information that could be used to reproduce this behavior.
On the other hand, it is not true that Pavel Durov is the owner of Toncoin. Toncoin is the cryptocurrency of TON (The Open Network), from the TON Foundation. The TON Foundation is completely independent of Telegram.
I would appreciate it if you could make the relevant clarifications.
Thank you for your time.
Greetings.
Our editorial team reviewed the request, made the appropriate amendments and replied back to the Telegram spokesperson. Before the end of the next day, the ticket was closed.
In the corrected article, a note was left indicating the changes: “This story was corrected on April 10 at 00:48 GMT to remove a reference which described Pavel Durov as the owner of Toncoin.”
Two months prior, on February 23, an internal email titled “Scam prevention campaign in Telegram” circulated among the FXStreet team. In it, our Social Media manager called for action against FXStreet clones and impersonators on the platform.
In the next few months, FXStreet employees reported several channels and accounts to Telegram for their takedowns. Some used the FXStreet brand without permission and peddled signals services “with up to 93% accuracy” and investment plans that turn $1,000 into $5,000 in just three days. Others impersonated FXStreet experts’ identities and offered to copy-trade their successful strategies.
After six months, and despite all the team’s efforts, these scams and new ones remain active on Telegram. No Telegram representative has reached back.
Telegram’s Wild West
Telegram’s significance in the trading community cannot be overstated. With its large-scale channels and bot integrations, it has become a go-to platform for traders seeking real-time information and community engagement. Our verified channel, “FXStreet Forex News”, delivers timely news to almost 100,000 traders daily in the messaging app.
This popularity – and the lack of moderation and policing – has made the platform a breeding ground for scams. A joint survey by Finance Magnates and FXStreet found that 60.09% of traders who fell victim to scams on Telegram lost funds, making it the platform with the highest “success rate” for scammers.
Our unsuccessful efforts to prevent scammers from thriving on the platform highlight Telegram’s lack of care in protecting its users.
Freedom of Harm
For several days, pundits have been discussing the “true motives” behind Durov’s arrest and accusations – be it geopolitical plays, attacks on privacy and free speech, or national security concerns.
No expert, though, even the most staunch Telegram defender, is arguing that the underlying accusations are untrue.
I love Telegram and all the positive innovations it has brought – from large-scale groups to embracing cryptocurrency – but I refuse to accept the problems it breeds as inevitable.
Telegram reached out to FXStreet to fight back against a “likely hoax” affecting its name. Why wouldn’t it also react to proven frauds happening on its platform?
Back in March, I argued here on Finance Magnates that Telegram was an ideal playground for scammers, and added: “Telegram should take action or take responsibility for what happens on its platform.”
I hope Durov regains his freedom of movement soon. At the same time, I hope Telegram takes responsibility and does its best to free users from harm and scams.
Pavel Durov’s recent arrest at a Paris airport sent shockwaves through the tech and trading communities. Durov, Telegram’s founder and CEO, faces charges related to the criminal activities happening on its platform.
This is FXStreet’s inside story with Telegram.
The Fate of Two Emails
On a Tuesday at noon, April 9 this year, FXStreet’s contact desk received a routine email titled “Article Review – Potential Amends”. What was a usual reach-out from a company to amend or influence our coverage felt a little special because of its sender: a Telegram representative.
The email read as follows (translated from Spanish):
I am writing to request clarifications on an article.
We can’t confirm that such a vulnerability exists. This video is likely a hoax. The people behind the video were unable to provide any information that could be used to reproduce this behavior.
On the other hand, it is not true that Pavel Durov is the owner of Toncoin. Toncoin is the cryptocurrency of TON (The Open Network), from the TON Foundation. The TON Foundation is completely independent of Telegram.
I would appreciate it if you could make the relevant clarifications.
Thank you for your time.
Greetings.
Our editorial team reviewed the request, made the appropriate amendments and replied back to the Telegram spokesperson. Before the end of the next day, the ticket was closed.
In the corrected article, a note was left indicating the changes: “This story was corrected on April 10 at 00:48 GMT to remove a reference which described Pavel Durov as the owner of Toncoin.”
Two months prior, on February 23, an internal email titled “Scam prevention campaign in Telegram” circulated among the FXStreet team. In it, our Social Media manager called for action against FXStreet clones and impersonators on the platform.
In the next few months, FXStreet employees reported several channels and accounts to Telegram for their takedowns. Some used the FXStreet brand without permission and peddled signals services “with up to 93% accuracy” and investment plans that turn $1,000 into $5,000 in just three days. Others impersonated FXStreet experts’ identities and offered to copy-trade their successful strategies.
After six months, and despite all the team’s efforts, these scams and new ones remain active on Telegram. No Telegram representative has reached back.
Telegram’s Wild West
Telegram’s significance in the trading community cannot be overstated. With its large-scale channels and bot integrations, it has become a go-to platform for traders seeking real-time information and community engagement. Our verified channel, “FXStreet Forex News”, delivers timely news to almost 100,000 traders daily in the messaging app.
This popularity – and the lack of moderation and policing – has made the platform a breeding ground for scams. A joint survey by Finance Magnates and FXStreet found that 60.09% of traders who fell victim to scams on Telegram lost funds, making it the platform with the highest “success rate” for scammers.
Our unsuccessful efforts to prevent scammers from thriving on the platform highlight Telegram’s lack of care in protecting its users.
Freedom of Harm
For several days, pundits have been discussing the “true motives” behind Durov’s arrest and accusations – be it geopolitical plays, attacks on privacy and free speech, or national security concerns.
No expert, though, even the most staunch Telegram defender, is arguing that the underlying accusations are untrue.
I love Telegram and all the positive innovations it has brought – from large-scale groups to embracing cryptocurrency – but I refuse to accept the problems it breeds as inevitable.
Telegram reached out to FXStreet to fight back against a “likely hoax” affecting its name. Why wouldn’t it also react to proven frauds happening on its platform?
Back in March, I argued here on Finance Magnates that Telegram was an ideal playground for scammers, and added: “Telegram should take action or take responsibility for what happens on its platform.”
I hope Durov regains his freedom of movement soon. At the same time, I hope Telegram takes responsibility and does its best to free users from harm and scams.
This post is originally published on FINANCEMAGNATES.
