Telegram Scraps $1.7B Crypto Project, Citing US Order

Law360 (May 12, 2020, 2:45 PM EDT) -- Telegram Group Inc.'s founder said Tuesday that the company would scrap its digital currency project after a New York federal judge blocked the distribution of its Gram tokens in a March order.

Pavel Durov, the Russian-born founder of the popular Telegram messaging app, said in a blog post that the company would no longer be engaged in the Telegram Open Network blockchain project, known as TON.

"I am writing this post to officially announce that Telegram's active involvement with TON is over," Durov wrote.

He said that the decision was a direct result of a March 24 order from U.S. District...

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