Telegram founder Pavel Durov wrote in his public channel on Tuesday that the Telegram Open Community (TON) challenge can be discontinued because of the firm’s ongoing authorized battle with the U.S. Securities and Trade Fee (SEC).
Founding father of the favored messenger Telegram Pavel Durov mentioned the corporate determined to shut the TON blockchain challenge. Durov added that any challenge based mostly on TON or utilizing its identify is not going to be associated to the Telegram.
Sadly, evidently the corporate couldn’t undergo an countless battle with the usSecurities and Trade Fee (SEC).
Durov tried to elucidate in his letter:
“Right now is a tragic day for us right here at Telegram. We’re asserting the discontinuation of our blockchain challenge. How? Think about that a number of individuals put their cash collectively to construct a gold mine – and to later cut up the gold that comes out of it. Then a choose comes and says: ‘These individuals invested within the gold mine as a result of they had been searching for earnings. And so they didn’t need that gold for themselves, they needed to promote it to different individuals. Due to this, they aren’t allowed to get the gold.’”
Right now’s Announcement about TON from Telegram Got here as a Shock
Those that have been following these cleaning soap know that the U.S. courtroom made it inconceivable for the messaging service, utilized by greater than 400 million customers, to proceed the event of Telegram Open Community.
Nevertheless, though we already wrote how TON builders, some main PoS validators, and neighborhood lovers determined to launch Free TON powered by the native token TON Crystal that was believed that it’s going to assist to beat all the problems with the SEC, immediately’s announcement got here as a shock.
Let’s additionally point out that only in the near past Telegram tried to persuade people who it will launch TON by April 2021 and provided traders a refund of $1.2 billion, a big a part of their funding, or 110% in a yr after the supposed launch of TON.
Be it as it could, Durov mentioned immediately that the U.S. courtroom declared that Grams couldn’t be distributed even outdoors of the US, as a result of it had suspicions that the U.S. residents could attempt to seek for different methods to entry the TON platform.
Durov subsequently mentioned:
“Sadly, the US choose is correct about one factor: we, the individuals outdoors the US, can vote for our presidents and elect our parliaments, however we’re nonetheless depending on the US with regards to finance and know-how.”
Keep Away From Ton Unbiased Variations
Two months in the past, U.S. District Choose Kevin Castel of Manhattan issued a preliminary injunction in favor of the swimsuit by the SEC to bar the launch of TON blockchain platform.
Benchmark and Lightspeed Capital, in addition to a number of Russian traders, put up $1.7 billion in alternate for the promise of future Grams.
Durov warned:
“I wish to conclude this submit by wishing luck to all these striving for decentralization, steadiness and equality on the earth. You might be combating the correct battle. This battle might be an important battle of our era. We hope that you just succeed the place we’ve failed.”
He additionally warned individuals to steer clear of impartial variations of TON constructed by third-party entities by saying:
“So watch out, and don’t let anybody mislead you.”
So, most likely that’s the tip of the Telegram-SEC saga.
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