NEW YORK, May 12 (Reuters) – Messaging app Telegram has
shelved its blockchain project called Telegram Open Network
(TON) after a protracted legal battle with the U.S. Securities
and Exchange Commission, according to its founder Pavel Durov in
his blog posted on his channel on Tuesday.
The blockchain project and cryptocurrency raised about $1.7
billion from investors a few years ago at the height of the
initial coin offering frenzy.
(Reporting by Gertrude Chavez-Dreyfuss)