The messaging service turned blockchain developer dismissed its lawsuit against crypto firm Lantah, which plans to use Grams as the name of its own tokens. The decision is presumably the result of Telegram abandoning the project that would use the trademark following its settlement with the U.S. Securities and Exchange Commission (SEC).
Telegram Open Network pulls the plug on testnet, in final blow to doomed project
The grim milestone marks the end of a sorry journey for TON, almost a year after the testnet first launched
In a July 6 update, the development group driving TON wrote: “Our remaining validators will be switched off not later than 1.08.2020. Please save all relevant data and terminate your testing process.”
Telegram and SEC agree on settlement, $1.2B to be returned to investors
‘We hope the regulatory environment for blockchain technology in the US becomes more favorable for others in the future,’ Telegram CEO Pavel Durov says
For eight months, the encrypted messaging app and the regulator have been coming to blows—with the SEC claiming the company’s $1.7 billion sale of gram tokens was an illegal securities sale. Under the deal announced on June 26, Telegram would pay an $18.5 million penalty and return $1.2 billion—about 70% of the funds raised—to investors.
SEC shoots down Telegram’s TON blockchain
Well-known cryptocurrency lawyer Stephen Palley tells Modern Consensus that the Telegram Open Network blockchain’s demise will create headaches for projects funded in similar ways
Telegram CEO Pavel Durov announced on May 12 that his messaging platform’s active involvement with TON is over—using a blog post to lambast the U.S. judge who effectively stopped the project from going ahead.