Telegram Group Inc. is giving up on its Telegram Open Network cryptocurrency project following a battle with U.S. regulators, Pavel Durov, founder and chief executive of the messaging company, wrote in a blog post. Dubai-based Telegram raised $1.7 billion from investors in 2018 in one of the largest crypto offerings ever. The company promised investors, which included a number of prominent venture funds, that it would distribute its tokens, called grams, once it develops the blockchain software.

Source: Wall Street Journal May 13, 2020 00:00 UTC