Telegram Drops TON Cryptocurrency Project After US Prohibits Global Distribution

Popular messaging app Telegram has shut down its TON cryptocurrency project. Telegram founder Pavel Durov explains that a US court has stopped his TON project and prevented the gram cryptocurrency from being distributed to investors, not just in the US but globally.

Telegram Discontinues TON Blockchain and Cryptocurrency Project

Telegram founder and CEO Pavel Durov announced on Tuesday his decision regarding the Telegram Open Network (TON) and cryptocurrency project after a long battle 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 … I am writing this post to officially announce that Telegram’s active involvement with TON is over,” the messaging app’s founder wrote, adding:

Unfortunately, a US court stopped TON from happening … the US court declared that grams [cryptocurrency] couldn’t be distributed not only in the United States, but globally.