“Fortunately, it is over, as we reached a settlement with the US regulator. Here’s Telegram’s official statement in relation to today’s news:
Regrettably, we were unable to launch the TON platform by our deadline date due to the preliminary injunction ordered by the Court, and thus had to return the remaining funds to purchasers under our contractual agreements,» says Durov.
Founder of TON confirms that they will return the remaining funds to customers in accordance with the purchase agreements. At the moment, they have already paid customers more than $1.2 billion.
“We look forward to continuing to pursue our other projects and avenues for innovation, and we hope the regulatory environment for blockchain technology in the US becomes more favorable for others in the future,” says Durov.
Recall that over the past 2.5 years, the best Telgram engineers have worked on the next-generation blockchain platform called TON and its cryptocurrency Gram. TON was designed to share the principles of decentralization, first applied in Bitcoin and Ethereum, but were supposed to surpass them in speed and scalability.
Unfortunately, due to problems with the US regulator, the program could not be launched.