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, Durovβs cryptocurrency idea lost steam because of a U.S. court. βThe 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,β he wrote on his channel. βUnfortunately, a U.S. court stopped TON from happening.β
The S&P 500 slumped 1.8% on Monday and Tuesday, thanks to China Evergrande, the Chinese property company that looks like it is ready to default on its more-than $300 billion in debt. Cries of the next Lehman Brothersβor maybe the next Silverado?βechoed through the canyons of Wall Street as investors prepared for the worst.
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