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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, Durovโ€™s cryptocurrency idea lost steam because of a U.S. court. โ€œThe 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. โ€œUnfortunately, a U.S. court stopped TON from happening.โ€

Mr. Durov launched Telegram in late 2013 with his brother, Nikolai, just months before he was pushed out of VK, the Russian social-media platform he founded. Mr. Durov pitched his new appโ€”funded with the proceeds from the VK saleโ€”less as a business than as a way for people to send messages while avoiding government surveillance and censorship.

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