Telegram shuts down its cryptocurrency operation

After years of drama with the SEC, Telegram is calling it quits on its crypto-focused subsidiary, Telegram Open Network (TON).

“Telegram’s active involvement with TON is over,” wrote Pavel Durov, founder and CEO, in an announcement on his channel. “You may see – or may have already seen – sites using my name or the Telegram brand or the ‘TON’ abbreviation to promote their projects. Don’t trust them with your money or data.”

TON was a blockchain platform designed to offer decentralized cryptocurrency to anyone with a smartphone, in a similar fashion to Facebook’s Libra project (which has also faced significant scrutiny).

Last October, the SEC ordered Telegram to halt sales of its cryptocurrency (called Gram) after it failed to register...

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