After years of development and design, Telegram has decided to abandon its Telegram Open Network (TON) project, which should have been the subsidiary blockchain of the communication platform, all because of some hard clashes with SEC, the body US Federal Exchange Supervisor.
Telegram's active involvement with TON ended writes Pavel Durov, founder and CEO, in an announcement on his Telegram channel. TON was supposed to be a blockchain platform designed to offer a decentralized cryptocurrency to anyone who had a smartphone; a project partly similar to Facebook's Libra, although Telegram's solution envisaged greater decentralization and much more limited control than Libra expected.
For these reasons, last October the SEC ordered Telegram to stop selling its token (what can be considered the cryptocurrency of TON, called Gram) after the failure to record the advance sales of tokens of 1.7 billion dollars that occurred before the launch of the network. The judges forced Telegram to block Gram's sales not only in the United States but also globally.
Initial funds had been raised through a series of private offers since 2017, but the first issues for TON had already emerged in 2018 when Telegram had also had to cancel the launch of its public ICO (the initial money offer), cancellation due in part to greater SEC control over ICOs, which are considered risky and dangerous for potential investors.
Durov harshly criticized the SEC's decisions that led to the cancellation of the project, arguing that American courts should not have the power to stop the sale of cryptocurrency beyond the U.S. borders, and urged others to take on the fight of decentralization instead of Telegram. This battle could be the most important battle of our generation – he wrote – We hope that you have succeeded where we have failed.
Durov concludes with a warning to all users that you may see – or have already seen – sites that use my name or the Telegram brand or the abbreviation "TON" to promote their projects. Don't trust them.
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