The cryptocurrency space is growing day after day and a lot of tech company are already moving into the crypto direction. Popular social media company Facebook has dived into the crypto space as well and already announced its own cryptocurrency Libra which is still in progress.
Telegram announced it plans for the cryptocurrency industry back in 2018 called Gram on Telegram Open Network (TON) and scheduled the Gram coins first batch release for August 2019 which didn’t fall to plan due to the halt in coin sales as ordered by the SEC for failing to register an early sale of $1.7 billion in tokens prior to launching the network.
Today, Telegram announced it’s shutting down its cryptocurrency plan;
“Telegram’s active involvement with TON is over,” wrote Pavel Durov, founder and CEO, in an announcement on his channel.
“You may see – or may have already seen – sites using my name or the Telegram brand or the ‘TON’ abbreviation to promote their projects. Don’t trust them with your money or data.”
The TON blockchain platform was designed to offer decentralized cryptocurrency to anyone with a smartphone, in a similar fashion to Facebook’s Libra project.
From the tone of the announcement, you’ll notice that the founder is angry with American court, for having so much power to stop the sale of cryptocurrency beyond US borders and consider himself a failure.
“This battle may well be the most important battle of our generation,” he wrote. “We hope that you succeed where we have failed.”
Read up the full statement here.
