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Telegram's cryptocurrency-focused project put at rest after legal battle in the US. Pixabay

After a legal battle in the US, instant messaging app Telegram has finally decided to withdraw its cryptocurrency-focused subsidiary, Telegram Open Network (TON).

Making the announcement in his channel on Tuesday, Telegram Founder and CEO Pavel Durov said that “a US court stopped TON from happening”.


The TON project was similar to Facebook’s Libra project which is also facing scrutiny from regulators around the world.

“Telegram’s active involvement with TON is over,” he said, while cautioning people not to trust sites using his name or the Telegram brand or the “TON” abbreviation to promote their projects.

Telegram engineers had been working on the blockchain platform called TON and a cryptocurrency they were going to name Gram for the past two-and-a-half years.

But the project also faced scrutiny from the US Securities and Exchange Commission (SEC).

The SEC in an order last October asked Telegram to stop sales of its Gram cryptocurrency following the company’s failure to register an early sale of $1.7 billion in tokens prior to launching the network, The Verge reported on Tuesday.


Telegram has decided to withdraw its cryptocurrency-focused subsidiary. Pixabay

The Telegram Founder slammed the decision in his announcement to withdraw TON.

“Perhaps even more paradoxically, the US court declared that Grams couldn’t be distributed not only in the United States, but globally,” he said.

“Why? Because, it said, a US citizen might find some way of accessing the TON platform after it launched. So, to prevent this, Grams shouldn’t be allowed to be distributed anywhere in the world — even if every other country on the planet seemed to be perfectly fine with TON,” he said.

Durov urged others to keep fighting for decentralisation, balance and equality in the world.

Also Read: 2020 Sees a Steep Drop Of 8% in Global IT Spending Due to COVID-19: Gartner

“You are fighting the right battle. This battle may well be the most important battle of our generation. We hope that you succeed where we have failed,” he said. (IANS)


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Rihanna was summoned from her seat to accept the honour, with the Prime Minister.

Singer Rihanna was honoured by Prime Minister Mia Mottley at an event which marked Barbados's new status as a republic, which was attended by Prince Charles. Addressing the pop star by her real name, the PM said: "Robyn Rihanna Fenty tomorrow morning shall have conferred upon her the order of national hero of Barbados."

Rihanna was then summoned from her seat to accept the honor, with the Prime Minister managing to rouse a laugh from the singer when she referenced her 2012 hit 'Diamonds', reports femalefirst.co.uk. She added: "On behalf of a grateful nation, but an even prouder people, we therefore present to you, the designee, for the national hero of Barbados." "And to accept on behalf of a grateful nation - you can come my dear - ambassador Robyn Rihanna Fenty, may you continue to shine like a diamond and bring honor to your nation." Rihanna, who was born in the St Michael parish of Barbados, found fame in 2005 after being spotted by a record producer and has since gone on to become one of the most successful female artists of all time with sales of over 250 million and recently reached billionaire status through her Fenty beauty brand.

The Prime Minister continued in her speech: "Commanding the imagination of the world through the pursuit of excellence, her creativity, her discipline, and above all else, her extraordinary commitment to the land of her birth. "Having satisfied that, Ambassador Robyn Rihanna Fenty has given service to Barbados which has been exemplified by visionary and pioneering leadership, extraordinary achievement and the attaining of the highest excellence to the Government of Barbados." It comes after a historic move for Barbados, which has become a republic after almost 400 years and welcomes its first president, Sandra Mason, after removing Queen Elizabeth as head of state. (IANS/ MBI)


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