Durov said on his Telegram channel today that the two and a half year blockchain and crypto project has been put to sleep. Ironically, after leaving Russia because the government wanted his encryption keys to his social media firm, Durovโs cryptocurrency idea lost steam because of a U.S. court. โThe technology we created allowed for an open, free, decentralized exchange of value and ideas. TON had the potential to revolutionize how people store and transfer funds and information,โ he wrote on his channel. โUnfortunately, a U.S. court stopped TON from happening.โ
A project of our size needs at least a few hundred million dollars per year to keep going,โ Mr. Durov wrote in his public channel on Telegram late last year. โWhile doing that, we will remain independent and stay true to our values, redefining how a tech company should operate.
