Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The creator of the Telegram messenger, Pavel Durov, has declared that Telegram will take over the management of the cryptocurrency project TON from its current operator, the TON Foundation. The entrepreneur has promised to reduce fees on the TON network by six times and aims to transform the eponymous token into a mainstream product.
Related Posts
Durov stated that his messenger will serve as the primary driving force behind the TON blockchain and will be the largest validator. He noted that the current developments represent the third of seven phases in the Make TON Great Again (MTONGA) campaign, as reported by the businessman.
“In the next two to three weeks, the team will update the main website ton.org, introduce new tools for developers, and implement a performance upgrade. The entire focus is now on technological superiority,” Durov wrote on his social media platforms.
Over the past 24 hours, TON has increased in value by 25.2%, with the asset trading in the range of $1.51 to $1.75. Over the month, the coin has gained 17.5%, but investor optimism remains limited, as the asset is trading 82% below its all-time high of $8.24.
Between 2019 and 2020, Pavel Durov attempted to promote his blockchain project TON but was soon compelled to halt operations. The main reasons were legal disputes with the U.S. Securities and Exchange Commission (SEC) and financial difficulties. Telegram announced the launch of the TON network and the Gram token in early October 2019. However, on October 11, the SEC filed a lawsuit against the company, accusing it of the illegal sale of unregistered securities. According to the American regulator, the Gram tokens fell under the definition of securities, and the distribution scheme implied that investors would profit through resale in the secondary market.
Shortly after the SEC’s lawsuit was filed, Telegram informed investors of a postponement of the platform’s launch to April 30, 2020. However, on March 24, the Southern District Court of New York prohibited the distribution of Gram tokens. On May 12, Durov announced the closure of the TON project. As part of a settlement with the SEC, the company agreed to return $1.22 billion to investors and pay a fine of $18.5 million. Over two years, approximately $405 million was spent on the development of TON and the support of the messenger.
Previously, Pavel Durov discussed his investments in Bitcoin during a podcast with Lex Fridman.
