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The instant messaging giant Telegram recently announced that it will not continue its blockchain project “TON”. The company has cited regulatory pressure as the main reason for the reversal.
In an announcement released yesterday on the company’s blog, telegram founder Pavel Durov told a US court. has prevented the Telegram Open Network (TON) from being established.
I am writing this message to officially announce that Telegram’s active participation in TON has ended.
TON scrapped by the SEC
The statement started with a short story claiming the company spent more than two and a half years developing a “next generation blockchain platform” using a cryptocurrency called Gram.
Following the analogy of investors who raised money to build a gold mine and then share the gold, Durov said a judge thought it was illegal because investors would sell the gold at a profit.
The courts seemed intimidated by grief and its distribution within and outside the United States. He added that the court ruling implies that other countries do not have the sovereignty to decide what is an acceptable investment for their own citizens.
Durov is particularly annoyed by the power of the United States. They are exercising on other countries in relation to the world financial system.
United States You can use your control over the dollar and global financial system to close every bank or bank account in the world. You can use your control over Apple and Google to remove apps from the App Store and Google Play.
The Securities and Exchange Commission (SEC) received an injunction in March on the grounds that Telegram had sold unregistered securities.
Telegram raised $ 1.7 billion for its TON blockchain in an ICO 2018. However, it has already delayed the start of the project due to regulatory concerns and has now given up the project entirely.
Refund warranty?
Earlier this month, the company promised to pay tokens to investors at launch. At the time, Telegram said it wanted to buy from American investors immediately.
OKEx CEO Alysa Xu [@AlysaXuOKEx], found that Worry in China;;
Too bad. Another quality project, #TON Blockchain from @telegram, was sunk due to regulations. More concerned about retail investors who signed # GRAM futures issued as promissory notes by some irresponsible cryptocurrency exchange platforms.
Xu added that the Chinese communities of TON complained about WeChat and regretted the closure of TON, while expressing concern about the immediate refund of gram futures.
No refunds were mentioned in the announcement, and Durov closed the mail and wished good luck to those still struggling for decentralization.
This struggle can be the most important of our generation. We hope that they succeed where we failed.
The post telegram gives up its TON blockchain project after official inconveniences were found at BeInCrypto.
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