Telegram messaging shuts blockchain project after battle with US authorities

Telegram had been working for more than two years on a blockchain platform called TON and a cryptocurrency to be named Gram, much like bitcoin and ethereum, but with loftier goals, Telegram said. In October last year, the US SEC sued to shut it down because Grams, the tokens to be distributed to investors, were unregistered securities. — AFP

NEW YORK: Messaging app Telegram has shelved its blockchain project called Telegram Open Network (TON) after a protracted legal battle with US legal authorities, founder Pavel Durov said in his blog posted on his channel on May 12.

The blockchain project and cryptocurrency raised about US$1.7bil (RM7.35bil) from investors in 2018, at the height of the initial coin offering frenzy.