The company Telegram said that it had abandoned the plans for the market launch of its SOUND-the Blockchain in the beginning of this month.
Telegram waived the right to appeal against the court order to ban the start of the Telegram Open Network (TON) and the Emission of the associated Gram-Token.
In March of this year, the US had issued Federal court for an injunction against Telegram. So says the company, to pursue the project to 1.7-billion-Dollar project. The starting point of the dispute, the accusation of the US Supervisory authority, the Securities and Exchanges Commission (SEC) of the Messaging provider and the person in charge of the company, it had offered in the year 2018, investors in the purchase of a security token was.
Court listener has made the court documents public, to refer to whom was that Telegram left its original complaint due to the court decision from the March 2020 has now fall. So the decision is now final, that Telegram is the project of SOUND-the Blockchain and the Token “Gram” forward.
This is telegram farewell performance?
Already in the year 2017 Telegram had reported that there would be an Initial Coin Offering (ICO) for a private Token. At the end of the ICO Phase at the beginning of the year 2018, the Coup is one of the largest Crowdfunding campaigns of the crypto industry. The first major setback for the Blockchain-project one of the SEC’s complaint triggered in October 2019.
Nevertheless, the company was hoping to be able to your platform project in the spring of 2021 start. So Telegram advised last accepting U.S. investors payments in the amount of 72% of the Investment, while investors should receive in the Rest of the world with enough patience, a higher percentage in the coming year.
At 12.05. gave Telegram-CEO Pavel Durov is known, however, that the development and introduction will not continue to work on the CLAY platform. Reason for the Court order, said the launch of the project in principle, and regardless of possible location-relocation abroad.
The project beiteilung ended, according to Durov. Only a few days before had become become that a other Blockchain platform called Free SOUND Blockchain will start within the Community.
Once again, a week later, there were reports to considerations of various SOUND-money donors, with a view to a possible lawsuit against the Telegram. Said votes are there in both the USA as well as outside.
The whole story a very different twist in connection with the project, with a volume of 1.7 billion US dollars could this again. Sure it is, what is the Profession shall mean: Durov and Telegram have most likely literally threw in the towel.