Yesterday marked a sad day in the cryptocurrency sector as Telegram founder Pavel Durov announced the end of the highly anticipated Telegram Open Network (TON).
This according to Durov was after a long legal battle with the Securities and Exchange Commision (SEC) in the United States.
Sad SEC victory
The information was relayed via a post on Pavel Durov’s personal Telegram account where he noted.
“Today is a sad day for us here at Telegram. We are announcing the end of our blockchain project.”
To justify the decision to end the project, Durov invoked the numerous difficulties that Telegram faced with the SEC, which did everything to prohibit the launch of Grams.
“ The American court declared that Grams could not be distributed not only in the United States, but also worldwide. Why? Because, he said, an American citizen could find a way to access the TON platform after its launch, ” notes Durov.
To avoid this, Durov assers that Grams cannot therefore be authorized to be distributed globally, even if other countries outside the United States have not expressed reservations about its did
Telegram troubles began in October 2019, when the SEC alleged that the Telegram ICO of $1.7 billion in 2018 for Gram which is the cryptocurrency that powers the network was a sale of unregistered securities.
Telegram withdraws completely from any TON blockchain project
In his publication, Durov also took care to warn investors against third-party projects using the image of TON and which claim to be linked to Telegram.
“ You could 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. No current or past member of our team is involved in any of these projects. ”
This warning from Durov is already topical. Indeed, the startup TON Labs, which helped Telegram to develop the Telegram Open Network (TON) testnet, recently launched its own version of the TON blockchain, called Free TON.
To distinguish itself from the TON project, this fork has also named its tokens “TON Crystals” and not “Grams”.
It is important to be aware that Telegram is in no way linked to this new project using the TON brand.
Durov wants the fight for decentralization to continue
Durov finished his publication by launching a call for decentralization and hopes that this fight will not end:
“ I would like to conclude this message by wishing good luck to all those who are fighting for decentralization, balance and equality in the world. You are fighting the good fight. This battle may well be the most important of our generation. We hope you will succeed where we have failed.”
As Durov points out with this decision, the dollar and its influence on the global financial system give the United States considerable power, which goes far beyond its borders.
This is a sad end to a project that promised much and shows the growing difficulties that crypto projects face with governmental agencies across the world.