Telegram abandons the TON Blockchain project after the legal battle with the SEC

Telegram abandons the TON Blockchain project after the legal battle with the SEC - TASS37943238 1024x576TON is officially dead. Telegram founder Pavel Durov wrote on Tuesday May 12 on his public channel that the Telegram Open Network (TON) project would be halted due to the company's ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).

“Today is a sad day for us here in Telegram. We are announcing the interruption of our blockchain project. Below is a summary of what it was and why we had to abandon it, "he wrote.

In subsequent details, he states that the SEC's victory over a preliminary injunction in a United States court led to the drastic decision, because it prevented Telegram from launching TON and distributing its gram tokens.

This is an abrupt change for Telegram, which said less than two weeks ago that it would launch the network in April 2021. Telegram announced on that occasion that its Investors they could immediately receive 72% of their funds, or 110% in a year, once TON was launched.

In Tuesday's post, Durov did not say whether all investors would be immediately reimbursed or how much they would receive.

Attentions to independent versions of TON

Durov referred to third-party efforts to launch independent versions of the TON blockchain, but said no Telegram employees are involved in these projects.

“Although networks based on the technology we have built for TON may appear, we will have no affiliation with them and will hardly support them in any way. So be careful and don't let anyone mislead you, "he wrote.

TON Labs, a startup that had started a test network, launched its own version of the network last week, nicknamed "Free TON", after Telegram announced further delays.

The weight of the United States on finance and global technology

Durov also attacked the legal ruling that prohibited the distribution of gram worldwide. “Unfortunately, the American judge is right about one thing: we, people outside the United States, can vote for our presidents and elect our parliaments, but we are still dependent on the United States when it comes to finance and technology (for Fortunately no coffee), "he wrote.

The dollar and its influence on the global financial system give the United States immense power, Durov said, adding that the country can also influence Apple and Google to remove apps from their respective app stores.

"So yes, it is true that other countries do not have full sovereignty over what to allow on their territory," he wrote. Durov closed his post with an appeal for decentralization. “I want to conclude this post by wishing good luck to all those who fight for decentralization, balance and equality in the world. You are fighting the right battle, "he wrote.

“This battle could be the most important battle of our generation. We hope you to succeed where we have failed. "