Messaging platform Telegram had to terminate the Telegram Open Network (TON), a blockchain project, due to problems with the SEC in 2020. The SEC had fined Telegram $18.5 million, stating that Telegram had committed a violation of the Securities Law.
After Telegram left the TON project, some developers who worked on the TON project continued their work and brought the project back to life under the name “Toncoin”.
For the project, which has been relaunched under the name Toncoin, Telegram CEO Pavel Durov published a post on telegram.
Stating that he is proud that the technology they created in his post is alive and developing, Durov said:
“When Telegram said goodbye to TON last year, I expressed hope that the next generation of developers would continue our vision of blockchain. That’s why I was inspired to see the developers continue to develop the open TON project, which they rebranded as Toncoin.
When it comes to scalability and speed, TON is still ahead of everything else in the blockchain realm.
The TON project has rebranded to Toncoin and I wish the Toncoin team the same success. Coupled with the right go-to-market strategy, they have everything they need to build something epic.”
Durov emphasized in his statement that there is no connection between Toncoin and Telegram. “Unlike the original TON, Toncoin is independent of Telegram.” said.
After the Telegram CEO announced his support for Toncoin, Toncoin, which has seen a rapid rise and ranked 203 in terms of market capitalization according to CoinMarketCap data, continues to trade at $3.45 with an increase of approximately 45%.
*Not investment advice.