Telegram Open Network, TON blockchain project which was the most-waited project by Telegram has been shut down now. This shutting down process is in response to the order from the U.S. Court. The project has been dissolved as the company was earlier taken to the court regarding GRAM token. This was because the firm has claimed that its GRAM token was a security.
Following the shutdown process of Telegram’s blockchain project, the CEO of the firm has published a written statement to announce the move. Pavel Durov, CEO of Telegram has confirmed the action of shutting down TON due to U.S. court order. The firm has also warned its users to beware of any project that appears to be TON because it has been closed. He further explained the action taken by the U.S. court to be completely senseless.
The U.S. judge has clearly said that everybody is dependent on the U.S. for both finance and technology needs. Due to this reason, the U.S. has the ability to control global industries. Previously, a solution was offered by Telegram to its investors for capital lending in exchange for equity. But now this offer is not available anymore.
It is to be noted down that whenever any company plans to launch a blockchain protocol, they will have to face the consequences from the court. In response, the regulators can also direct those firms to shut down their business partially or completely.
But as far as Bitcoin and Ethereum are considered, they are far away from such proceedings. The reason being that they are not controlled by any particular organisation so the court cannot address any single organisation for any kind of action. That is why such platforms are far away from the proceedings of the court and are unlikely to face any such consequences.
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