March 29, 2024

Pavel Durov announced the closure of the TON project

Telegram founder Pavel Durov announced the termination of work on the Telegram Open Network (TON) due to the ongoing process withUnited States Securities and Exchange Commission (SEC).

Pavel Durov stated in his personal channel on Telegram that after two and a half years of work on the TON project, Telegram is forced to stop developing the blockchain and the Gram token due to regulatory problems.

Last fall, the SEC accused Telegram of illegalconducting an ICO, which led to a lengthy legal battle, as a result of which the court blocked the distribution of Gram tokens not only to US citizens, but also outside the country. Pavel Durov wrote:

“Today is a sad day for us on Telegram.We are announcing the termination of work on our blockchain project. Below is a summary of what our goals were and why we had to abandon TON", — he wrote.

The article says that the SEC has secured a preliminary injunction on the distribution of Gram tokens, which played a decisive role in deciding to stop work on the project.

“Unfortunately, the American judge is right about one thing:We people outside the US may vote for our presidents and choose our parliaments, but we are still dependent on the United States when it comes to finance and technology,” — written by Pavel Durov.

US control over the dollar and influence on the worldThe financial system gives the country enormous opportunities, writes Durov. He added that the country could also influence Apple and Google to get apps removed from their stores.

“It's true — other countries do not havefull sovereignty over what to allow on its territory. Unfortunately, we — 96% of the world's population living elsewhere is dependent on decision makers elected by the 4% of the world's population living in the United States." — he wrote.

“I want to wish good luck to everyone who strives fordecentralization, equilibrium and equality in the world. You are fighting the right battle. This battle may well be the most important battle of our generation. We hope that you will succeed where we have failed. ”

Last week, an independent group of developers, validators and users of the Free TON Community launched the Free TON blockchain based on Telegram developments, but without the participation of the company.

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