Telegram has withdrawn its interest from the Court of Appeals against the federal court which sanctioned it weeks ago from distributing Gram. This also stopped the continuation of the TON project backed up by Gram.
Telegram has stopped the appeal against the federal court which forbade it from selling Gram tokens. The court made this known on May 22.
This decision suggests that Telegram will no longer be actively involved in the TON project. It is not happy with the US regulators because it believes they were overzealous.
TON was announced as an upcoming blockchain platform in 2017. The platform was supposed to use Gram tokens as its medium of exchange among users so Telegram started selling the Gram. Unfortunately, while Telegram was nearing success, some US regulators were attracted to their activities and ordered them to stop.
Two years later in October, the United States Securities and Exchange Commission sued Telegram. They said Telegram was guilty of disobeying US securities law, claiming that The Gram was not registered.
Telegram received an injunction from the Federal District Court to stop selling their tokens in March 2020. This was followed by Telegram’s application to the Court of Appeals. However, Telegram is no longer interested in pursuing it.
Will TON Continue?
TON is a project that is free to be studied and used by anyone. For this reason, Telegram has posted its code on Github. This singular act has given birth to projects that look like TON and some of them include Free TON and NewTON. In the beginning of last week, Free TON made public awareness by organizing some community contests in three different areas.