The hottest deal in venture-land right now isn't a venture deal at all: It's the massive pre-ICO for encrypted messaging startup Telegram. Details: Brand-name Silicon Valley firms like Benchmark already have (quietly) signed on to what reportedly could be a $500 million offering, after which Telegram would sell even more tokens to develop its own blockchain platform and native cryptocurrency. That's the front-of-house business. In the back-of-house, venture firms are frantically reworking fund agreements to permit crypto investments.