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Telegram Halts Work on Blockchain Network After Court Decision

May 12, 2020, 6:29 PM

Telegram Messenger LLP officially scrapped plans to build a digital ledger for transactions.

In a blog post Tuesday, Chief Executive Officer Pavel Durov said his instant-messaging platform is discontinuing work on the project, which ran afoul of regulators. Others may continue working on the technology, he said.

The move was largely expected after a U.S. court sided with the Securities and Exchange Commission in March. The SEC accused Telegram of violating securities laws by selling $1.7 billion of its Gram cryptocurrency to investors in 2018 without registration. The court granted an injunction to prevent Gram’s distribution.

“We are leaving it ...

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