The Telegram Open Network (TON) project was similar to Facebook’s Libra project which is also facing scrutiny from regulators around the world. After facing serious battle with SEC, Telegram has finally call it quit on its cryptocurrency TON.
First announced in January 2018 that it planned to launch its Cryptocurrency – called Gram on TON and in August 2019, the company promised investors to send out the first batches of its coin, the Gram, within the next two months or risk losing over $1.7 billion it raised to make those coin a reality.
Gram Coin Died At The Battle Ground With SEC
But the plan failed when the SEC ordered Telegram to halt sales of its cryptocurrency (called Gram) after it failed to register an early sale of $1.7 billion in tokens prior to launching the network in October that year.
Today, Telegram announced quitting its cryptocurrency planned operations
“Telegram’s active involvement with TON is over,” wrote Pavel Durov, founder and CEO, in an announcement on his channel. “You may see – or may have already seen – sites using my name or the Telegram brand or the ‘TON’ abbreviation to promote their projects. Don’t trust them with your money or data.”
TON was a blockchain platform designed to offer decentralized cryptocurrency to anyone with a smartphone, in a similar fashion to Facebook’s Libra project.
From the tone of the announcement, you will notice that the founder is unhappy with the American court, for having so much power to stop the sale of cryptocurrency beyond US borders and consider himself a failure.
“This battle may well be the most important battle of our generation,” he wrote. “We hope that you succeed where we have failed.”
You can read up the full announced on the new development HERE.