Popular messaging app Telegram has actually closed down its TON cryptocurrency project. Telegram creator Pavel Durov discusses that a US court has actually stopped his TON project and avoided the gram cryptocurrency from being dispersed to financiers, not simply in the US however worldwide.
Telegram Discontinues TON Blockchain and Cryptocurrency Project
Telegram creator and CEO Pavel Durov revealed on Tuesday his choice relating to the Telegram Open Network (TON) and cryptocurrency project after a long fight with the U.S. Securities and Exchange Commission (SEC). “Today is an unfortunate day for us here at Telegram. We are revealing the discontinuation of our blockchain project … I am composing this post to formally reveal that Telegram’s active participation with TON is over,” the messaging app’s creator composed, including:
Unfortunately, a US court stopped TON from occurring … the US court stated that grams [cryptocurrency] couldn’t be dispersed not just in the United States, however worldwide.
According to the judge, “a US resident may discover some method of accessing the TON platform after it released. So, to avoid this, grams shouldn’t be permitted to be dispersed throughout the world – even if every other nation in the world appeared to be completely great with TON,” Durov communicated.
Because of the U.S. court’s discovering, “we have actually made the tough choice not to continue with TON,” Durov validated however kept in mind that this choice might alter in the future. “Sadly, the US judge is ideal about something … we are still depending on the United States when it concerns fund and innovation.”
TON Crypto Project and Durov’s Warnings
Durov described that over the previous 2 and a half years, his group has actually been dealing with “a next-generation blockchain platform called TON and a cryptocurrency we were going to call gram,” elaborating:
TON was developed to share the concepts of decentralization originated by Bitcoin and Ethereum, however to be greatly remarkable to them in speed and scalability.
The TON crypto project raised about $1.7 billion from financiers in 2018 in a preliminary coin offering (ICO). However, the SEC stopped the sale in October 2019 declaring that the gram tokens were unregistered securities. In March, a U.S. judge verified the SEC choice and ruled that the gram cryptocurrency might not be dispersed both in the U.S. and worldwide. Telegram then provided to pay financiers back in 2 methods however U.S. financiers just have the choice of taking 72% refunds.
The TON designers declare that their blockchain would be quicker and more effective than the Bitcoin and Ethereum blockchains. According to Durov, “existing networks such as the Bitcoin and Ethereum blockchains do not have the ability to change high-volume deal systems like charge card and fiat currency,” a court file checks out.
Durov cautioned that some websites might be utilizing his name, the Telegram brand name, the name TON or gram cryptocurrency to promote their own tasks. “Don’t trust them with your cash or information,” he stressed, including that nobody from his group is associated with any of them. “While networks based upon the innovation we developed for TON might appear, we won’t have any association with them and are not likely to ever support them in any method. So take care, and wear’t let anybody misguide you,” he warned. In conclusion, Durov composed: “I wish to conclude this post by wanting luck to all those pursuing decentralization, balance and equality on the planet … This fight might well be the most crucial fight of our generation. We hope that you are successful where we have actually stopped working.”
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