Telegram ICO on track to raise $1billion in just 4 months

It took Facebook seven years to raise $1 billion from investors. Uber did it in five.
The messaging company Telegram has been around since 2013, but never tried to raise significant money until late last year. Now, thanks to an initial coin offering, or ICO, Telegram is on track to pull in $1 billion in just four months — long before the product the company is raising money for is even built.
Does that makes sense? And is the potential as big as the results indicate?
Here is the reality! There is no security that after a successful ICO the product itself will be developed or if developed will be successful.
In recent months, the Securities and Exchange Commission of the US has been sending out subpoenas, asking for information about coin offerings that may have violated the law — although how existing laws may apply remains unclear. Nonetheless, companies like Telegram are still proceeding with their offerings and hoping they can stay out of trouble.