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Telegram Gives Up On Crypto Blockchain Project
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
A Telegram spokesman declined to comment on the bond issue or the amount of the debt the company has due. The spokesman said Telegramβs equipment and bandwidth costs are growing because it has consistently posted more than 40% year-to-year growth in users.
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