Telegram withdrew its appeal against the order of the Federal Court of the United States, which froze the issuance and distribution of Gram tokens of the company, according to court documents from May 22.
This move seems to suggest that the company has completely abandoned its plans for TON. Earlier this month, Telegram CEO Pavel Durov announced that their ” active participation ” in the project was over, criticizing US regulators for over-increasing their capacity.
Announced in 2017, Telegram’s TON is a blockchain platform aimed at facilitating payments through Gram tokens and hosting decentralized applications at high scalability levels. After raising nearly $ 1.7 billion in two rounds of private token sales the following year, the company caught the attention of authorities.
In October 2019, the US Securities and Exchange Commission filed a lawsuit against Telegram, accusing them of violating US securities law by conducting an unregistered sale.
In March 2020, the US Federal District Court ruled against Telegram, preventing the company from issuing Gram. Shortly afterwards, Telegram sent a short notice of appeal to the Court of Appeal, which has already been dropped.
TON will live?
Because TON is an open source project, all of its code is published on Github. This has given rise to a number of TON-based projects, namely Free TON and NewTON.
Earlier last week, Free TON launched three separate community races to power its network.