{[{item.pair.split("_")[0]}]} ${[{item.price.toFixed(4)}]}
{[{item.change24}]}%
{[{item.change24}]}%
+ Become a member of Interactive Crypto
+ Create a FREE Interactive Crypto Account to Access Premium Content
We’re sorry, but the content you are trying to access is for members only.
CREATE ACCOUNT
May 13, 2020 |
Dan Mitchell | 0 Comments|856 Views
Get Into Cryptocurrency Trading Today
Telegram’s CEO Pavel Durov has announced, in a Telegram post as well as one published on https://telegra.ph/, that Telegram has officially abandoned its ‘Telegram Open Network’ (TON) blockchain project and ‘grams’ cryptocurrency following a longstanding lawsuit initiated by the Securities Exchange Commission (SEC) in the USA .
“Today is a sad day for us here at Telegram. We are announcing the discontinuation of our blockchain project. Below is a summary of what it was and why we had to abandon it.”
In the Telegra.ph post, entitled ‘What Was TON and Why It Is Over’, Pavel Durov appears to believe that this was a politically motivated decision against Telegram, explaining that:
“The US court declared that Grams couldn't be distributed not only in the United States, but globally... This court decision implies that other countries don’t have the sovereignty to decide what is good and what is bad for their own citizens… Today, we are in a vicious circle: you can’t bring more balance to an overly centralized world exactly because it’s so centralized.”
TON’s existence was first revealed when the project ran a closed ‘Initial Coin Offering’ (ICO) which successfully raised $1.7 billion in early 2018. This token sale has been the main point of contrition in a long-standing legal dispute between Telegram and authorities such as the SEC, CFTC, etc.
Regulatory scrutiny began last October, not long after Telegram had officially launched TON when it was hit with its first injunction by the SEC. The SEC believes that the ICO token sale that took place in 2018 constituted an unregistered token sale; which is against regulations.
Two weeks ago, Telegram announced that it would be delaying the release of its Telegram Open Network (TON) and grams cryptocurrency for the second time, because of the aforementioned lawsuit from the SEC. TON had been rescheduled for an April 30, 2020 release last year - which itself was a delay to its original release date.
This delay comes as the result of an injunction from a US district court judge who stipulated that the company would not be able to launch either the cryptocurrency or their network. Subsequently: Telegram offered its investors the opportunity to choose between recouping 72% of their original investments “as soon as possible” OR waiting a period of 365 days (until April 30, 2021) for the chance to receive 110% return on their original investment.
“Telegram’s active involvement with TON is over. 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. No present or past member of our team is involved with any of these projects. While networks based on the technology we built for TON may appear, we won’t have any affiliation with them and are unlikely to ever support them in any way. So be careful, and don’t let anyone mislead you.” - Pavel Durov, https://telegra.ph/
Just last week (May 7, 2020) a community-lead group calling itself ‘TON Labs’ launched an unofficial variant of the ‘Telegram Open Network’ called ‘Free TON Blockchain’ (link, ) - without express consent or permission from Telegram itself. Its purpose is to allow users to deploy, create, manage and distribute their own “TON-based” blockchains for both enterprise and consumer level applications.
This was widely reported as a fork however this is a misnomer, because the official Telegram blockchain had not yet been released (nor will it ever be released, it would appear). The open-source Free TON Blockchain was created to serve as a ‘proof-of-concept’ and was made up of a full blockchain and cryptocurrency in parallel to Telegram’s planned ‘TON’ and ‘grams’.
All COINS
TRENDING
WATCHLIST
Market Cap {[{ marketcap }]}
Symbol
Price
Change
Chart
Trade
{[{ item.pair.split('_')[0] }]}
${[{ item.price }]}
{[{ item.change24 }]}
{[{ item.change24 }]}
Market Cap {[{ marketcap }]}
Symbol
Price
Change
Chart
Trade
{[{ item.pair.split('_')[0] }]}
${[{ item.price }]}
{[{ item.change24 }]}
{[{ item.change24 }]}
Telegram Cancels 'Telegram Open Network' and 'Grams' Project
Telegram’s CEO Pavel Durov has announced, in a Telegram post as well as one published on...
Does PayPal take Bitcoin?
Gone are the days when people did not know what Bitcoin is and how to use it. Bitcoin's...
IRS tracks People Not Declaring their cryptos
The crypto growth in recent years has been a phenomenon. Digital currencies have gained market...
Predictions 2018 for Cryptocurrencies
The year 2017 has definitely been the year Bitcoin. With its vertiginous peaks and these troughs...
Russia Hit with Bitcoin Fever
Although Bitcoin has been attracting a lot of criticism lately, Russian investors still seem to...
1 DOGE to USD | What is Dogecoin, Exchange Rates?
Dogecoin (DOGE) is, according to the official website, a decentralized and “open-source...
Plus500
Risk warning: 80.5% of retail investor accounts lose money when trading CFDs with this...
EOS Price Soars by 30% as eosDAC Release Date Approaches
While cryptocurrencies have seen a severe slump in their values during last few months, against...
Best 10 Cryptos to Invest in 2020
Investing in crypto takes time. Besides being a new medium of exchange, several coins available...
Free & Fast BTC Mining
The more Bitcoin becomes popular, the more miners it attracts. Mining the coin comes with...
Should I Sell My Altcoins for Bitcoin?
What Are the Disadvantages of Bitcoin?
Does Apple accept Bitcoin?
Can I buy house with Bitcoin?
Can I transfer Bitcoin to my bank account?
Is Ripple The Cryptocurrency of 2018? - In Depth Review of Ripple XRP
What Is Ripple? / DefinitionRipple is a name for a cryptocurrency denoted by Ripple XRP and it's als...
Is IOTA Going to Overtake Bitcoin and Other Cryptocurrencies? - IOTA (MIOTA)Review
Verge Review
Binance Review
Dogecoin Review
LegacyFX
Many forms of cryptocurrency and altcoin trading are available in today’s financial markets. A...
Excentral
Risk warning: CFDs are complex financial products. They have a speculative character. Trading in...
EagleFX
EagleFX is one of the latest forex trading brokerages to join the sector. It got founded back in...
Vantagefx
VantageFX is a leading Australian forex broker that specializes in ensuring the complete and ful...
Xtrade
Xtrade is one of the most popular financial trading sites in the world. Started over a decade ago, t...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
COMMENTS
0 Comments
Like this article