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Gram is a cryptocurrency that is native to the TON Blockchain. This type of currency was developed by the Telegram team in the hope that Gram will improve the speed, efficiency, and security to everyday commercial transactions around the globe. No Grams have been issued yet, and nobody is available to buy them. Once the Ton Blockchain launches, Gram will also become available. Telegram also indicates that won’t help anyone get rich as they can lose all their monetary value in the future.
Telegram filed a lawsuit against a Florida-based startup in May 2018, which also intended to create its own cryptocurrency called Gram. But after Pavel Durov announced the TON project's closure, it was decided to withdraw the lawsuit against Lantah LLC.
Telegram and SEC Concluded a Settlement Agreement. Durov Will Pay a Fine of $18.5 Million and Return $1.22 Billion to TON Investors
On June 25, it became known that Telegram and the SEC entered into an agreement of lawsuit, under which Durov’s team would pay a fine of $18.5 million, and would also be obliged to return $1.22 billion to investors.
TON development team stops its active participation in the project for the reasons we wrote about earlier. The efforts of the team were redirected to other projects.
On May 12, Pavel Durov announced the closure of the Telegram Open Network (TON) project. That's why the lawyers of Telegram Group Inc. decided to withdraw a March appeal against a court order banning the sale of Gram.
Many investors did not believe that the TON project would start either this year or a year later, and they were right. Today, Pavel Durov officially announced that Telegram's active involvement with TON is over.
TON investors have been receiving many letters from Durov’s team since April 30, but still have not received an exact answer whether the blockchain platform will ever be launched or not.