Telegram is not going to pursue an appeal against a court order barring it from launching the Telegram Open Network (TON), and distributing the Gram tokens.
A US federal court in March issued an injunction that stopped the corporate from continuing with the $1.7 billion challenge after the US Securities and Exchanges Commission accused the messaging platform and its officers of providing a safety token in its 2018 sale to buyers.
Court paperwork revealed by CourtListener point out that Telegram has dropped the appeal it filed following the March 2020 court order. By withdrawing the appeal, Telegram has made it clear that the current announcement that it will not pursue the launch of the TON blockchain and Gram tokens is last
Is this Telegram’s last bow?
Telegram introduced its ICO sale in 2017 and which become one of many largest crowdsales in crypto by the point it ended initially of 2018. Plans to launch the blockchain challenge, nevertheless, hit the rocks for the primary time in October 2019 when SEC filed its lawsuit.
The firm nonetheless had hopes of launching the platform by April 2021, even advising American buyers to simply accept a 72 p.c payout, whereas the remainder had the choice of ready with a better proportion.
However, on May 12, Telegram CEO Pavel Durov introduced that the corporate wouldn’t proceed with its TON platform growth and launch plans. That, in line with Durov, had been knowledgeable by the US federal court’s order, which banned the corporate from launching its challenge from wherever that could be.
Durov mentioned that the agency was ending its lively involvement within the challenge, information that got here simply days after the launch of one other blockchain platform dubbed, Free TON Blockchain.
Every week later, stories surfaced that a number of TON buyers from the US and from world wide had been considering bringing a lawsuit against Telegram.
There would possibly but be one other twist within the saga of the failed $1.7 billion challenge. However, dropping the appeal might imply Durov, and Telegram has certainly thrown within the towel.