Telegram's blockchain project ended after losing a legal battle against the US SEC, according to company founder Pavel Durov. He himself said in a message posted on Tuesday on its official Telegram channel that the blame was on the company's long-standing fight with US regulators.
The Securities and Exchange Commission sued Telegram last fall in an effort to stop the distribution of TON tokens to US investors. That sale raised as much as $1.7 billion, as previously reported. «Unfortunately, a US court prevented TON from happening. How? Imagine several people pooling their money to build a gold mine, and then splitting the gold that comes out of it.» noted Durov
[amazon box="B07B8Q2G3K"]Telegram is clear
The post reads: “Then a judge comes along and says, 'These 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 it to other people. Because of this, they are not allowed to get the gold.'
If this doesn't make sense to you, you are not alone, but this is exactly what happened with TON (the mine) and Grams (the gold). A judge used this reasoning to rule that people should not be allowed to buy or sell Grams as if they could buy or sell Bitcoins.
Durov issued a harsh indictment against the US government and the extent of its global influence in the financial arena. «Unfortunately, the US judge is right about one thing: we, people outside the United States, can vote for our presidents and elect our parliaments, but we are still dependent on the United States when it comes to finance and technology.»
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. They can use their 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 chosen by the 4% who live in the United States.
Not all that glitters is gold
Durov also issued a veiled word of caution about projects who use TON marketing or are looking to connect with Telegram.You may see, or may have already seen, sites that use my name or the Telegram brand or the abbreviation [TON] to promote your projects«. Don't trust them with your money or data,» he said. At the same time, he confirmed that no current or former member of our team is involved with any of these projects. While networks based on the technology they created for TON may appear, he clarified that they have no affiliation with them and are unlikely to be supported by the brand in any way.
I want to conclude this publication by wishing luck to all those who fight for decentralization, balance and equality in the world. You are fighting the right battle. This battle may be the most important battle of our generation. We hope you succeed where we have failed.
Pavel Durov
