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Telegram Finally Shuts its TON Project Down

The well-known cloud-based instant messaging service Telegram announced on Tuesday that it is calling off its notable project Telegram Open Network (TON) after its ongoing legal complications with the US Securities and Exchange Commission (SEC), recently the founder was seen complaining about their fight with the SEC. 

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The telegram was in talks with SEC for more than 2 years, and made an announcement last month that snugged users looking forward to it.  Telegram assured its people that they will be launching TON by April 2021 assuring refunds for their investors thereafter.

The launch was also announced back in September 2019 but it waved off. 

Telegram’s dreams shattered

Telegram came up with its idea of TON in 2017 having the utmost faith in it. Investors came rushing in towards this astounding idea and invested billions of dollars. Meanwhile their battle continued with the SEC until April 2020. 

Later in April 2020, Durov announced that investors might get back 72% of their funds immediately after launching TON. Whereas in Yesterday’s post we did not see him mentioning about the same. 

Pavel Durov, founder of Telegram wrote on his channel, “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.”

Also read : Trump’s thoughts Negative Rate Interest to banks 

He later said, “While networks based on the technology we built for TON may appear, we won’t have any affiliation with them and are unlikely to ever support them in any way. So be careful, and don’t let anyone mislead you,” 

This is certainly Durov’s worst nightmare!

Thoughts about decentralization

After alerting people from making any third-party apps for the same. Durov wished for decentralization, balance, and equality in the future world. He concluded his blog by saying,

“This battle may well be the most important battle of our generation. We hope that you succeed where we have failed.” 

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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