The next setback: Telegram fined $ 18,5 million for failed blockchain project TON

At Telegram, you would wish you had never started the TON project. After a long time with the authorities for approval of their own blockchain project, just fought. in the end, to get no permission, the company now has to pay a fine.

30 days for penalty payment

Telegram is one of the largest and most popular instant messengers worldwide. They wanted to start a blockchain project with the Ton Open Network. But the authorities, more precisely the SEC (Securities and Exchange Commission), thwarted the company.

After a long negotiation for approval, Telegram surrendered and announced in a long statement that TON would be discontinued. As is now known, Telegram not only had to pay back the money collected to investors, but was also sentenced to a $ 18,5 million fine.

The company has 30 days to pay this penalty. The total $ 1,2 billion raised by investors must be repaid within the next three years. The TON blockchain project has also paid off for investors.

With the latest judgment, the TON case should be closed. Telegram and investors have lost a lot of money. An excursion into the world of cryptocurrencies and blockchain that was not financially worthwhile.

Project stopped after two years of development

The Telegram CEO makes it official in mid-May: The TON project will be discontinued after more than 2 years of development. The idea of ​​TON (Telegram-Open-Network) was to take up the principles of Bitcoin and develop them further. TON, in combination with the cryptocurrency GRAM, should be superior to Bitcoin and Ethereum in terms of speed and scalability. The instant messenger Telegram should have revolutionized the way people store and send information with the implementation of TON and Gram.

But the authorities made life difficult for Telegram, which is why the company currently based in Dubai decided to stop working. After various methods of repaying the collected funds were offered, investors are left with big losses. Because according to the latest information, only 72% of the investments are paid out:

Telegram: no full repayment for all investors

 

Markus from Kryptokumpel.de
Photo credit: pixabay.com | CC0