Telegram Abandons TON Blockchain Project After Court Fight With SEC

Telegram founder Pavel Durov wrote in his public channel Tuesday that the Telegram Open Network (TON) project would be discontinued 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 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,” he wrote.

A blog post said the SEC’s winning of a preliminary injunction in a U.S. court led to the decision, as it barred Telegram from launching TON or distributing its gram tokens.

“Sadly, the US judge is right about one thing: we, the people outside the US, 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 (luckily not coffee),” he wrote.

The U.S. control over the dollar and influence on the global financial system give it immense power, he 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. Unfortunately, we – the 96% of the world’s population living elsewhere – are dependent on decision makers elected by the 4% living in the U.S.,” he wrote.

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Source: Coindesk

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