This is an Affirmation from Pavel Durov the Telegram Founder, and confirm that TON Blockchain Network project is now Over! Unfortunately Telegram Project from Crypto tokens GRAM won't go through and it's a big reversal for all community that support decentralized world.
Pavel Durov wrote this statements today Tuesday, May 12 in Telegraph channel:
I am writing this post to officially announce that Telegram’s active involvement with TON is over. You may see – or may have already seen – sites using my name or the Telegram brand or the "TON" abbreviation to promote their projects. Don’t trust them with your money or data.
TON Blockchain from Telegram is a project who was designed to be a network for the GRAM Tokens and received a Funding from investors in Form of ICO which acummulated $1.7 billion but was halted to continue by SEC (U.S Securities and Exchange Commission) considered illegal sale of securities. The legal battle began in October of 2019 and faced many troubles between Telegram and the American regulators.
Recently the Telegram Team decided to pay back the initial investment made by creditors who believed in the project in two ways, one option the creditors could have their money immediately paid 72% ($1.2 billion) or wait to April 2021 to have their investment back with an increase in more than 100%. With the continue denial by federal Judges to give a "green" light to continue they Telegram Team postponed the launch until next year also decided to pay all US investors all the money immediately, as their didn't want to continue tied to them and maybe continue the project in another country or continent with no reach by SEC.
It seems, based in statements from Pavel Durov today, even with no US investors involved SEC will never allow the TON blockchain to release the project "the TON could be launched outside US but Americans can still purchase it outside US" with that breaking the securities laws from SEC.
Well, it's a really a big damage to crypto, telegram have a huge user base that could also be a part of users and investors of the GRAM tokens with 400 millions all around the world. I still hope the Telegram Team can resurge and make it happen!
**A note: there is a version of TON Blockchain network launched by the Community that have nothing to do with Telegram Official Team, be aware, and don't get scammed.
#stay safe and be protected from COVID-19 stay home.
*Find also this post at Uptrennd platform from my authorship here.
**Image courtesy from telegraph channel with no copyright infringement here.