Telegram withdrew its appeal against a U.S. federal court order freezing the issuance and distribution of Gram tokens, according to court documents dated May 22.
The measure appears to suggest that the company has completely abandoned its plans to run TON. Earlier this month, Telegram CEO Pavel Durov announced that his „active participation“ in the project had ended, criticizing U.S. regulators for extending their power too far.
Update: Telegram abandons Telegram Open Network and GRAM tokens
Announced in 2017, Telegram’s TON is a blockchain platform designed to facilitate payments through Gram tokens and to host decentralized applications at high levels of scalability. After raising nearly $1.7 billion in two rounds of how to get money on Bitcoin Circuit, bitcoin wallet address Bitcoin Evolution, price of litecoin on Bitcoin Billionaire, is Bitcoin Code secure?, The News Spy premier league, Bitcoin Revolution transaction disappeared, can you buy bitcoin on Bitcoin Trader, is Bitcoin Era tax free, Immediate Edge to binance problem, set alerts in Bitcoin Profit private token sales next year, it caught the attention of authorities.
In October 2019, the U.S. Securities and Exchange Commission (SEC) hit Telegram with a lawsuit, accusing it of violating U.S. securities law by making an unregistered sale of securities.
In March 2020, a U.S. Federal District Court issued an injunction against Telegram, preventing the company from issuing Grams. Shortly thereafter, Telegram filed a brief notice of appeal with the U.S. Court of Appeals for the Second Circuit, which has now been withdrawn.
Telegram denied: Court sides with SEC, grants injunction against issuance of Grams
TON will survive?
Since TON is an open source project, all its code has been published on Github. That generated a series of TON-based projects, called Free TON and NewTON.
Early last week, Free TON launched three different contests to boost their network in the community.