Popular messaging application Telegram has actually closed down its LOT cryptocurrency job. Telegram creator Pavel Durov describes that a United States court has actually quit his LOT job and also protected against the gram cryptocurrency from being dispersed to capitalists, not simply in the United States however internationally.
Telegram Discontinues LOT Blockchain and also Cryptocurrency Task
Telegram creator and also Chief Executive Officer Pavel Durov introduced on Tuesday his choice concerning the Telegram Open Network (LOT) and also cryptocurrency job after a lengthy fight with the UNITED STATE Stocks and also Exchange Payment (SEC). “Today is a sad day for us here at Telegram. We are announcing the discontinuation of our blockchain project … I am writing this post to officially announce that Telegram’s active involvement with TON is over,” the messaging application’s creator created, including:
However, a United States court quit LOT from occurring … the United States court proclaimed that grams [cryptocurrency] could not be dispersed not just in the USA, however internationally.
Telegram has actually stopped its participation in the LOT cryptocurrency and also blockchain job, Chief Executive Officer Pavel Durov introduced after servicing the job for 2 and also a fifty percent years.
According to the court, “a US citizen might find some way of accessing the TON platform after it launched. So, to prevent this, grams shouldn’t be allowed to be distributed anywhere in the world – even if every other country on the planet seemed to be perfectly fine with TON,” Durov communicated.
As A Result Of the UNITED STATE court’s searching for, “we have made the difficult decision not to proceed with TON,” Durov verified however kept in mind that this choice might alter in the future. “Sadly, the US judge is right about one thing … we are still dependent on the United States when it comes to finance and technology.”
LOT Crypto Task and also Durov’s Cautions
Durov discussed that over the previous 2 and also a fifty percent years, his group has actually been servicing “a next-generation blockchain platform called TON and a cryptocurrency we were going to name gram,” clarifying:
LOT was developed to share the concepts of decentralization spearheaded by Bitcoin and also Ethereum, however to be greatly above them in rate and also scalability.
Telegram Chief Executive Officer Pavel Durov has actually been coping the UNITED STATE Stocks and also Exchange Payment (SEC) given that in 2014 when his LOT cryptocurrency and also blockchain job increased over a billion bucks.
The LOT crypto job increased concerning $1.7 billion from capitalists in 2018 in a first coin offering (ICO). Nonetheless, the SEC stopped the sale in October 2019 asserting that the gram symbols were non listed safety and securities. In March, a UNITED STATE court verified the SEC choice and also ruled that the gram cryptocurrency might not be dispersed both in the UNITED STATE and also internationally. Telegram after that provided to pay capitalists back in 2 methods however UNITED STATE capitalists just have the choice of taking 72% reimbursements.
The LOT designers assert that their blockchain would certainly be much faster and also much more reliable than the Bitcoin and also Ethereum blockchains. According to Durov, “existing networks such as the Bitcoin and Ethereum blockchains do not have the capability to replace high-volume transaction mechanisms like credit cards and fiat currency,” a court file checks out.
Durov advised that some websites might be utilizing his name, the Telegram brand name, the name LOT or gram cryptocurrency to advertise their very own jobs. “Don’t trust them with your money or data,” he highlighted, including that nobody from his group is associated with any one of them. “While networks based on the technology we built for TON may appear, we won’t have any affiliation with them and are unlikely to ever support them in any way. So be careful, and don’t let anyone mislead you,” he warned. Finally, Durov created: “I want to conclude this post by wishing luck to all those striving for decentralization, balance and equality in the world … This battle may well be the most important battle of our generation. We hope that you succeed where we have failed.”
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Labels in this tale gram crypto, gram cryptocurrency, Pavel Durov, telegram blockchain, telegram crypto, telegram cryptocurrency, telegram ico, Telegram Open Network, telegram sec, telegram symbols, telegram load, load crypto, load cryptocurency
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