Telegram has abandoned the blockchain platform "TON"

Pavel Durov announced the completion of the project to develop the platform TON and the cryptocurrency Gram due to inability to work under the prohibition measures introduced by the United States Securities and Exchange Commission (SEC) and with it Telegram's participation in the development of TON is completely suspended.

In the announcement about the project subscription, Pavel Durov shared the following:

Unfortunately, a court in the United States detained TON. How? Imagine that several people pool their money to build a gold mine and then divide the gold they sell from it. Then a judge comes in and says to the mine builders, “Many people invested in the gold mine because they were looking for profit. And they didn't want that gold for themselves, they wanted to sell to other people. Therefore, you are not allowed to give them the gold.

Sadly, the United States judge is right about one thing: We people outside of the United States can vote for our presidents and elect our parliaments, but we still depend on the United States when it comes to finance and technology ( luckily no coffee).

The United States can use its control over the dollar and the global financial system to close any bank or bank account in the world. You can use your control over Apple and Google to remove apps from the App Store and Google Play. 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 who live elsewhere, depend on decision makers elected by the 4% who live in the United States.

More than $ 1.7 billion were allocated to the development of TON investment to create the platform, But the US Securities Commission deemed the sale of Gram digital tokens illegalas all units of the Gram cryptocurrency were issued at once and distributed among investors and the stabilization fund, rather than being formed during mining.

The Commission asserts that, with such an organization, Gram is bound by existing securities laws and the Gram issue required registration with the appropriate regulatory authorities. It was noted that Telegram sought to benefit from the public offering without observing the rules established for the disclosure of information aimed at protecting investors: the securities do not cease to be so only because they are presented under the guise of cryptocurrencies or digital tokens.

Of the funds invested by investors for the development of the platform, 28% has already been spent, but Telegram is ready to return 72% of the amount invested to US investors.

To investors from other countries, except for the return of 72%, They were offered the option of providing funds on credit with a return of 110% next year. Some investors intend to form a group to file a lawsuit against Durov, as, in their opinion, not every opportunity was used to resolve the situation.

Despite this a few days ago, interested users formed the Free TON project (which was established with the aim of continuing the development of the open platform TON) they decided to maintain the infrastructure and create services based on it. The project will be developed by the Free TON Community, which was joined by TON Labs, Dokia Capital and Bitscale Capital, as well as cryptocurrency exchanges Kuna and CEX.IO.

Crystal TON tokens will be delivered free of charge to project participants (Gram cryptocurrencies will not be used): 85% of the tokens will be distributed for users to attract new participants, 10% will be distributed to developers and 5% to validators.

According to Durov, they should be treated with cautionas they are not affiliated with Telegram in any way and not a single member of the Telegram team participates in them. Durov does not recommend trusting your money and data on similar projects, especially if they manipulate your name and the Telegram brand.

Source: https://te.legra.ph