Telegram abandons blockchain project TON
The suspension of the project is due to the company's ongoing legal fight with the US Securities and Exchange Commission
Telegram founder Pavel Durov reported through his public channel that the Telegram Open Network (TON) project was suspended due to the company’s ongoing legal fight with the US Securities and Exchange Commission. (SEC).
Durov assured:“Today is a sad day for us here on Telegram. We are announcing the discontinuation of our blockchain project.” He further reported that the fact that the SEC obtained a preliminary injunction in a US court led to Telegram’s ban on launching TON or distributing its Gram tokens.
According to what Coindesk highlights, the measure is an abrupt change for Telegram, which announced less than two weeks ago, according to sources in the DiarioBitcoin, which would launch the network in April 2021.
Likewise, the head of the messaging platform added that “Unfortunately, a US court stopped TON from happening. How? Imagine that several people put their money together to build a gold mine and then divide the gold that comes out of it … Many people invested in the gold mine because they were looking for profit and they did not want that gold for themselves, they wanted to sell it to other people. So you are not allowed to give them the gold.”
What is still unknown is the amount of the refund investors should receive. And despite the fact that in late April Telegram announced that its investors could immediately receive 72% of its funds or 110% in one year, Durov’s statements show an uncertain outlook for investors.
K.Villarroel
Source: Diariobitcoin
