Telegram abandons billion dollar blockchain project amid SEC investigation

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Telegram founder Pavel Durov announced that the billion dollar TON blockchain platform had been canceled due to the company's legal fight with the Securities and Exchange Commission (SEC) from the United States.

Telegram's plan hit a wall after the SEC won a preliminary injunction in a US court against the two and a half year project. That said his Gram cryptocurrency can't be sold in the U.S., with TON also being blocked to prevent U.S. citizens from finding other ways to access it.

A little like Facebook Libra, TON was a blockchain platform aimed at offering a decentralized cryptocurrency to any user with a smartphone. However, TON and Libra have come under scrutiny from regulators.

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In TON's case, the SEC previously objected that Telegram could “flood the markets with billions of dollars.” . . (parts) by an unVPNOnlineFreeed securities offer. Without a registration statement in place, the planned distribution of Telegram would violate federal securities laws. ”

Durov wanted to integrate Telegram with TON, saying the collaboration “has the potential to revolutionize the way people store and transfer funds and information.”

“Telegram's active participation in TON has ended. You can see – or have already seen – sites using my name or the Telegram brand or the abbreviation “TON” to promote their projects. Don't trust them with your money or your data, “he said in a statement.

Departing from itself and the TON network from independent parties trying to build their version of the TON network, writes, “Although the technology-based networks we have built for TON may appear, we will have no affiliation with them and it is unlikely to support them in any case. So be careful and don't let anyone mislead you. “

While Durov announced that “no current or past member of our team is involved in any of these projects,” he also urged his peers to take the most important battle of the generation to come, hoping they earn where it failed.

Via: The Verge

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