More negative news for Telegram which yesterday announced the definitive shutdown of its blockchain, TON, on August 1st:
“We are discontinuing our support of the test network of the TON Blockchain. Our remaining validators will be switched off not later than 1.08.2020. Please save all relevant data and terminate your testing process”.
By now it’s only a matter of time before the network, at least the primary testnet, is shut down. However, this will not mean the end of the project itself, as it will still be possible to use parts of code such as validators to allow the testing of some aspects.
Telegram and TON, the story of a failed blockchain
It should be noted that the Telegram project raised about 1.7 billion dollars for the project, a sum that would have been necessary to develop a blockchain that could be integrated and used with the messaging platform, creating a formidable tool.
The SEC made its presence felt only in the autumn of 2019, after quite some time because Telegram’s notification to the SEC was made in February 2018, and in the following month the collection of funds was completed, also reported to the SEC.
In early 2020, the SEC resumed the fierce fight against Telegram, urging the company to provide details of the investors who had participated in the investment rounds, a decision criticized by Telegram itself.
The situation led several platforms, which were ready to sell the GRAM token, to take the tokens off the market and repay those who had already invested in the token, which is what Liquid did.
In mid-May, Telegram announced its defeat via founder Pavel Durov, who in fact announced the abandonment of the project. The reason for this was the SEC, which had decided not only that the tokens could not be destined for the American market, but not even globally, since American citizens could buy them elsewhere without problems.
Finally, as if that were not enough, last month Telegram was fined by the SEC an impressive $18.5 million because it failed to comply with the regulation in force, which is now almost 100 years old. To add insult to injury.
Now all that is left is to wait for the paper plane, the symbol of Telegram, to return to the warehouse without having been able to take-off, as it has been bound by chains which are not those of the blockchain but legal ones.