That's not quite right - they did say in the original offering that they would be spending investors' money on Telegram Messenger's daily operations. The judge's words are:
> Telegram subsequently report ed that, from January 2018 to January 2020, it spent $405 million, about 24% of the proceeds from the offering of Grams, on the development of the TON Blockchain and the operations of Messenger.
> Telegram subsequently report ed that, from January 2018 to January 2020, it spent $405 million, about 24% of the proceeds from the offering of Grams, on the development of the TON Blockchain and the operations of Messenger.
https://www.courtlistener.com/recap/gov.uscourts.nysd.524448...