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Telegram puts the last nail in TON’s coffin and ends the gram distribution

May 25, 2020

Telegram appealed against a Court order from a United States federal court This has frozen the issuance and distribution of gram tokens according to court documents dated May 22nd.

The move seems to indicate that the company has completely abandoned his plans to lead TON. Earlier this month, Pavel Durov, CEO of Telegram, announced that his “active participation” in the project had ended and criticized US regulators for over-expanding their powers.

Telegram TON was announced in 2017 and is a Blockchain platform The goal is to facilitate payments via gram tokens and to host decentralized applications with high scalability. After collecting nearly $ 1.7 billion in two rounds of private token sales next year, caught the attention of the authorities.

Telegram puts the last nail in TON’s coffin and ends the gram distributionTelegram puts the last nail in TON’s coffin and ends the gram distribution

In October 2019, the U.S. Securities and Exchange Commission (SEC) proposed Telegram with a lawsuit. accuses her of violating the Securities Act the United States on an unregistered sale of securities.

In March 2020, a federal district court in the United States ruled against Telegram. Prevents the company from issuing grams. Shortly afterwards, Telegram lodged a short notice of appeal with the second district appeals court have withdrawn.

Will TON survive?

Since TON is an open source project, all of the code has been published on Github. This resulted in a series of TON-based projects called Free TON and NewTON.

Early last week Free TON started three different competitions to strengthen your network in the community.