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BTC halving resulted in lower incomes for miners. Durov announced at last that his TON project is cancelled. Investors of TON now stipulate compensation of their shares.
Lower payment for creating new blocks in Bitcoin blockchain has predictably lowered miners' income and, consequently, lead to losses of computing capacity of the network. Therefore, another Bitcoin halving on May 11th this year has decreased the time required for creating a new block to approximately 10 and a half minutes. It is not as bad as expected, so the hash rate is not expected to fall very much, but only for about 10-15%.
Meanwhile, miners' income has fallen dramatically, by more than 40% – so for those who work with past generation systems, it is not profitable anymore to mine Bitcoin. On the other hand, the newest ASIC start to pay off.
Miners started selling their Bitcoins, which may lead to a significant fall in the prices for the cryptocurrency.
The co-founder of Telegram messenger has announced cancelling his project Telegram Open Network (TON) and abandoning the launch of Gram cryptocurrency. The works on creating the blockchain platform started two years ago, in the beginning of 2018. The total pool of investments into this project surpassed 1,7 billion USD.
However, last autumn the US Securities and Exchange Commission (SEC) developed a claim based on this ICO that had been held with violation of the US laws. The lawsuit hindered the planned launch of the blockchain platform and the cryptocurrency.
And now, on April 30th, the court came to a decision against Telegram founders which made it impossible to launch the project.
On May 12th Pavel Durov announced it impossible to launch the Gram cryptocurrency. Abandoning all further development was the main condition of the agreement between the SEC and the ICO founders. A number of Telegram Open Network (TON) investors are seeing it as a breach of the agreement and are considering sending a claim to the court. However, for a formal claim the unsatisfied investors need to define the legal body they address their claims to.
The trick is that many investors bought their tokens from the companies that are not officially affiliated with TON. Many users bought their future cryptocurrency from third-party funds and for much higher rates. In particular, Gram tokens were distributed via Da Vinci Capital investment fund and the company Gem Limited, which in total sold tokens for more than 15 million USD. Many buyers lack physical documents that support the acquisition of the tokens, which makes it harder to prove to the court that they actually did buy the tokens.
The wiser and more thoughtful investors who did make contracts and went through other legal procedures can send their claims to the court of Great Britain where TON is registered or to the courts of the countries where reside the venture funds that sold them Gram.
So far the claims have been filed neither to TON, nor to the affiliated structures or other investment funds; if the company manages to keep its promise and pays 72% of the invested amount the US investors and 110% to the investors from other countries within a year, then no lawsuits will arise.