Telegram announced the closure of the TON project
Founder of Telegram Pavel Durov announced the termination of work on the block-platform Telegram Open Network (TON), in which investors have invested $1.7 billion, he said in his Telegram-channel.
"I am writing this post to officially announce that Telegram’s active involvement with TON is over. 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. No present or past member of our team is involved with any of these projects. While networks based on the technology we built for TON may appear, we won’t have any affiliation with them and are unlikely to ever support them in any way," - Pave Durov, Telegram founder
The investigation against Telegram began in October last year at the request of the Securities and Exchange Commission (SEC). The SEC was able to convince the court that the Telegram tokens purchased by investors were securities, so the whole process had to be registered in accordance with US law. Telegram neither managed to defend its position nor to launch the blockchain trading platform by the by April 30 as Durov previously planned.
Now Pavel Durov is solving the issue of returning funds to investors. He intends to return 72% of the invested funds to American investors. Investors from other countries can either return this share or give Telegram lend funds and receive 110% within a year, the media reported.