On Tuesday Telegram reported that it’s abandoning ‘’Telegram Open Network’’ which was regarded as its block chain, after a major battle that caused conflict between the United States Securities and Exchange Commission. Pvel Durov, The founder and chief executive of Telegram wrote,
“Today is a sad day for us here at Telegram. We are announcing the discontinuation of our blockchain project”
The A.U.S court made a ruling that it is impossible for such a huge messaging service used by 400 million users and more to suddenly block out the TON and, that they should continue the development of Telegram Open Network. The court expressed that, such is unacceptable as people invested their money it is merely like building a mine then later on split the harvest into two without any profit.
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The judge said,
“These people invested in the gold mine because they were looking for profits. 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 the TON and Grams. As a judge, I’m using this this reasoning rule that people should not be allowed to buy or sell Grams like they can buy and sell bitcoins”
Surprisingly, the previous month telegram assured people that they would launch the TON by April 2021, which offered investors $1.2 billion and a 110% if ever the TON becomes a success.
