Pavel Durov has shut down the TON blockchain platform

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The entrepreneur called the project a “gold mine”

Pavel Durov has discontinued the TON blockchain platform. Photo: cryptoconsulting.info

Telegram Messenger founder Pavel Durov announced the closure of the Telegram Open Network (TON) blockchain platform, based on which gram tokens were to be issued. In a personal blog, Durov reported that the closure of the project was linked to the US court’s decision.

“Imagine that many people raised their money to build a gold mine, and then distributed the gold that is mined from it. But the judge arrives and tells the builders: “Many people invested in the mine because they were looking for profit. They did not want this gold for themselves, they wanted to sell it to other people. For this reason, you are not allowed to give them gold. “If that doesn’t make sense to you, then you’re not alone – but that’s exactly what has happened to TON (mine), its investors, and gram (gold).” The judge used this logic to decide how people could not buy or sell grams, how they could buy or sell bitcoins, ”said Durov.

Durov said that officials would ban the sale of grams both in the US and outside the country, saying that Americans would be able to use tokens through third countries.

“The decision means that other countries do not have the sovereignty to decide what is good and what is bad for their own citizens. If the USA suddenly decided to ban coffee and demanded that coffee shops in Italy be closed because some Americans could go there, it would be unlikely that anyone would agree.

“I am writing to officially announce that Telegram’s participation in TON has ended. You can see – or, perhaps, have already seen – my name or telegram to promote your projects. Sites that use brand or abbreviation. Do not trust them with your money or data. Any of our current or former members of our team have any connection with these projects. Is not. “

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In October 2019, the U.S. The Securities and Exchange Commission (SEC) accused Telegram of illegally operating a billion dollar ICO. The company lost a lawsuit against the SEC in March this year, when a New York judge upheld the Commission’s status and blocked the distribution of gram tokens. Telegram tried to challenge the verdict, but in early April, the court denied the company’s request for the distribution of gram tokens to investors from other countries, which are not subject to US securities laws. Because of this, Telegram had to postpone the blockchain launch twice.

Recall that earlier the US Securities and Exchange Commission (SEC) stated the Telegram’s statement that the village token is a commodity, not a security, “an attempt to escape the economic reality.”

Read:
Top 7 Reasons Not to Take Business to the Valley: Pavel Durov’s Edition
Gram and Libra: What are the prospects for Telegram and Facebook crypto projects


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