- TON has surged up the CoinMarketCap rankings.
- The TON Space self-custody wallet will launch on Telegram soon.
- Telegram has ambitions to become a “super app.”
The Securities Exchange Commission (SEC) has long been viewed as a thorn in the crypto industry’s side, raining enforcement actions and regulatory scrutiny on projects it deems securities offerings. As a result, many promising projects have fallen by the wayside under the weight of drawn-out legal battles with the commission.
Two years after its settlement with the agency over allegations of violating securities laws, TON has emerged more resilient than ever, defying the odds to enter the top 10 after a recent strong run of form.
A TON of Improvement
With its remarkable return to prominence, TON now boasts a sizable $8 billion market capitalization, according to CoinMarketCap, cementing its status as a top 10 cryptocurrency. TON now places ninth in the rankings of cryptos by market cap, sandwiching it between Dogecoin and Solana at press time.
Crypto exchange Gate.io highlighted that TON’s seven-day performance led the top 100 tokens with gains of 36% over the period, outperforming RUNE and KAS in a relatively flat market owing to ongoing regulatory and economic uncertainty.
Much of the credit for this recent price boom has been attributed to TON’s integration with the popular Telegram messaging app. Last week, during Singapore’s Token2049 crypto conference, Telegram and the TON Foundation jointly announced the new TON Space self-custodial crypto wallet.
TON Space will be one of many third-party apps integrated within Telegram as the messaging platform sets its sights on emulating WeChat’s “super app” concept. The self-custodial crypto wallet is set to roll out to Telegram’s 800 million users in November.
Despite TON’s impressive progress, it was not too long ago that the project faced a bleak outlook as the SEC shifted its focus to Telegram.
SEC Filed Legal Action Against Telegram
In October 2019, the SEC filed a complaint against Telegram, alleging it had raised $1.7 billion through the unregistered token sale of its “GRAM” token. The SEC argued this constituted an illegal securities offering, seeking to block Telegram from distributing the token.
Rather than continue the legal fight, Telegram opted to settle with the SEC in June 2020. As part of the settlement, Telegram made no admission of guilt but agreed to return over $1.2 billion to investors and paid an $18.5 million penalty. Following the end of GRAM, the community took over the project’s development, resurrecting it as TON.
On the Flipside
- TON distributed 96% of its tokens between 248 accounts, triggering accusations of centralization.
- A potential showdown between Telegram and X is on the cards as both platforms strive for “super app” status.
Why This Matters
TON’s resurrection highlights the demand for community-driven models in today’s crypto landscape, emphasizing the importance of decentralization and user-led platforms.
Learn more about the TON project’s resurgence here:
TON Foundation Founded in Switzerland as a Non-Profit Organization
Find out what Kris Marszalek said to convey confidence amid crypto winter here:
Crypto.com Defies Bear Market and Targets Acquisition Spree