Telegram Launches TON Cryptocurrency Project After United States USA Ban Global Distribution

The popular messaging app Telegram has closed its TON cryptography project. Telegram founder Pavel Durov explains that a US court. USA He stopped his TON project and prevented the gram cryptocurrency from being distributed to investors, not just in the United States. USA But all over the world.

Telegram suspends TON Blockchain and Cryptocurrency project

Telegram founder and CEO Pavel Durov on Tuesday announced his decision on the Telegram Open Network (TON) and cryptocurrency project after a long battle with the U.S. Securities and Exchange Commission (SEC). "Today is a sad day for us here on Telegram. We are announcing the end of our blockchain project … I am writing this post to officially announce the end of Telegram's active engagement with TON, "wrote the app's founder. messaging, adding:

Unfortunately, an American court. USA This prevented YOUR from happening … the American court. USA He said that grams (cryptocurrency) could not be distributed not only in the United States, but around the world.

According to the judge, "An American citizen could find a way to access the TON platform after its launch. Therefore, to avoid this, grams should not be allowed to be distributed anywhere in the world, even if all other countries on the planet look perfectly fine with TON, "said Durov.

Due to the conclusion of the US court, "we made the difficult decision not to proceed with TON," confirmed Durov, but noted that this decision may change in the future. "Unfortunately, the American judge is right on one thing … we are still dependent on the United States for finance and technology."

Durov's TON Crypto project and warnings

Durov explained that for two and a half years, his team has been working on "a new generation blockchain platform called TON and a cryptocurrency that we were going to name gram", explaining:

TON was designed to share the principles of decentralization promoted by Bitcoin and Ethereum, but to be far superior to them in terms of speed and scalability.

The TON cryptography project raised about $ 1.7 billion from investors in 2018 in a first coin offering (ICO). However, the SEC halted the sale in October 2019, claiming that the gram tokens were unregistered securities. In March, an American judge. USA He confirmed the SEC decision and ruled that gram cryptocurrency could not be distributed as much in the United States. USA Like in the world. Telegram then offered to pay investors in two ways, but American investors only have the option of receiving 72% refunds.

The developers of TON claim that their blockchain would be faster and more efficient than the Bitcoin and Ethereum blockchain. Durov says "existing networks like Bitcoin and Ethereum blockchains do not have the capacity to replace high-volume transaction mechanisms like credit cards and cash", reads court document .

Durov warned that some sites could use his name, the Telegram brand, the TON name, or gram cryptocurrency to promote his own projects. "Don't trust them with your money or your data," he said, adding that no one on their team is involved in any of them. "Although the networks may appear based on the technology we have created for TON, we will have no affiliation with them and it is unlikely that they will endorse them in any way. Be so be careful and don't let anyone fool you, "he warned. In conclusion, Durov wrote: "I want to conclude this post by wishing good luck to all those who are fighting for decentralization, balance and equality in the world … This battle may well be the battle the most important of our generation. We hope it will succeed where we have failed. "

What do you think of the closure of the TON cryptography project due to the American legal system. ? Let us know in the comment section.

Image credits: Shutterstock, Pixabay, Wiki Commons, BBC

Read the warning