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Telegram Dumps TON Blockchain After Winning Court Battle

Telegram Dumps TON Blockchain After Winning Court Battle

Telegram Wins Court Battle But Abandons TON Blockchain-techcryption-01

Telegram is known to be working on its upcoming cryptocurrency and blockchain project, Gram and TON. Unlike Facebook’s Libra project, Gram and TON did not receive a massive backlash from the regulators upon announcing the initial plan in the middle of 2019.

However, the Securities and Exchange Commission (SEC) then filed a lawsuit against Telegram in October concerning their $1.7 billion initial coin offering (ICO) in 2017.

Currently, the SEC has notably paying closer attention to the messenger app Telegram in regards of its projects. However, last week during a court battle, the SEC’s request for Telegram to hand over all bank statements concerning its TON blockchain project has been denied by the federal judge, giving Telegram a sweet winning over.

Unfortunately, the pressure has affected the firm and made company executives reconsider their TON strategy altogether.

Following a huge attack from regulator, Telegram decided it was best to abandon some of the most critical parts of its TON blockchain strategy. Additionally, in a recent blog post, the firm confirmed that Telegram will no longer integrate its Gram cryptocurrency wallet into the Telegram Messenger.

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Besides, company officials announced that there are no absolute plans to maintain or develop future applications for the blockchain project, which turns to be a massive blow to the investors.

Although some analysts believe that the new tactics displayed by Telegram are part of a larger strategy, investors and people in the crypto community hope Telegram and the SEC will find a mutual understanding to allow the continuation of the development of this unique and game-changing blockchain.

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