- Telegram has to discontinue the project of Telegram Open Network (TON).
- Pavel Durov, founder of the company has written this announcement amid a legal fight with the U.S. Securities and Exchange Commission (SEC).
Telegram has to discontinue the project of Telegram Open Network (TON). Pavel Durov, founder of the company has written this announcement amid a legal fight with the U.S. Securities and Exchange Commission (SEC). Hence, Telegram has stopped its journey of blockchain development.
Less than two weeks ago, the company informed that it will launch Telegram Open Network (TON) in April 2021. The company was so optimistic that they announced two schemes for their investor. The first scheme was the investor could withdraw 72% of investment amount instantly. Secondly, their investor would get 110% if they hold till launching of TON. Hence, U.S. investors are unable to take the second scheme. On the other hand, the company did not make any announcement regarding refunding immediately further.
TON Labs has already launched Free TON which is its version while they announced a delay in the ultimate project. Durov accepted the day was bad for the company as they had to discontinue the blockchain project.
Telegram’s reaction on Judgement
Durov ended this writing by wishing good luck to the companies who are trying for decentralization. He thinks decentralization can bring equality and balance in the world. He viewed that those who are fighting the battle of decentralization is on the correct path.
Durov also thinks that this battle is the most important battle of the present generation. He hoped that other companies will get success where Telegram failed against SEC. However, Durov did not express outrages against the verdict vigorously. Instead of that he just mentioned some recent incidents where some companies were instructed to close their projects by U.S. court.
He told the country can pressure even two big tech giant Google and Apple to remove apps from the app store of Google Play and App Store respectively. The founder of Telegram also feels that the U.S. has higher sovereignty over the activities of companies than any other countries.