Russia’s instant messaging software Telegram’s blockchain project TON eventually lost the pressure from the US Securities and Exchange Commission (SEC). Founder Pavel Durov announced today that the Telegram team terminated the development of the TON platform. He did not mention whether the project will be restarted in the future, and how investors will deal with the funds invested by TON’s initial token offering (ICO) will not be announced in the future.
Durov announced the news on his personal Telegram channel. He pointed out that in the past two and a half years, some of the best developers in the company have developed TON, hoping that by combining Telegram, they can bring reforms to people’s storage, transfer of funds, and information. At the same time, Gram, the platform token of TON, has a higher transaction speed and future expansion space than Bitcoin and Ether in the current cryptocurrency market.
However, Durov pointed out that the US court blocked TON’s potential development opportunities and used the gold mine as an analogy to TON’s ICO. He said that when people invest in the establishment of gold mines, a judge came out and pointed out that the investors only wanted to sell the gold that was excavated, rather than want to own the gold, so they were not allowed to give gold to investors.
Durov believes that this statement is unreasonable, but it is precisely the situation faced by TON and its investors. A judge, for this reason, does not allow people to buy and sell TON’s Gram like Bitcoin. At the same time, Durov also accused the US courts of being quite overbearing, because the courts do not allow American citizens to buy or sell Gram, even if it is not in the US domestic market, the transaction channels of other countries also allow American citizens to buy and sell, so Gram cannot be sold elsewhere in the world.
In Durov ’s article, he expressed his dissatisfaction and disappointment with the US courts and bluntly said that the courts are like ignoring the sovereignty of other countries, even more so if the United States suddenly bans coffee and requires Italian coffee shops to stop operating because the United States People may patronize these stores, I believe no one will agree to the relevant approach.
He also said that the development of the matter so far has been trapped in a vicious circle and cannot bring more balance in an over-centralized world. “We did try it, but we can only leave the next generation of entrepreneurs and developers to raise their flags and learn from our mistakes.”
Durov also reminded people that any project that uses his name, Telegram, and TON to promote in the market cannot be trusted. He pointed out that there are no current or former employees who are involved in these projects. Although there are opportunities for the emergence of blockchain projects based on TON technology, the company team will not have any connection with this and is unlikely to support these projects. “So be careful not to be misled by anyone.”
TON has postponed the launch of the platform until April next year due to SEC accusations, and the ICO, which began two years ago, raised $1.7 billion USD (equivalent to 13.26 billion yuan) and is ready to be returned to investors. The company had proposed a refund plan at the beginning of May, but American investors can only get back 70% of the funds. After TON announced the termination of development, there is no news whether there will be a new refund plan.