The TON is dead, long live Free TON!
After two and a half years of development, Telegram announced the shut down of its TON project, which raised $1.7 billion in 2018 from high-profile investors. The launch of TON was scheduled for October 2019, but was delayed multiple times because the U.S. SEC sued the company for allegedly selling unregistered securities. Pavel Durov, CEO and co-founder of Telegram, eventually decided to drop the project and blamed the U.S. regulators in a blog post titled “What Was TON And Why It Is Over”.
American investors can only take back 72% of their investment, while other investors can loan the funds to Telegram for one year and get back 110% in April 2020. Some investors are considering to file a class action lawsuit in the hope to get Telegram’s equity, since $405 million from the $1.7 billion token sale was spent to develop both the TON blockchain and Telegram’s messaging app.
In May, TON Labs independently launched Free TON, which is a fork of the original open-source TON project. Pavel Durov stated that “no present or past member of our team” is affiliated with any networks based on TON technology.
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