TON blockchain freezes $2.6B worth of inactive tokens

TON blockchain freezes .6B worth of inactive tokens

Introduction:

The TON blockchain, created by Telegram, made headlines when it raised $1.7 billion in an ICO in 2018. However, the project faced legal issues, and the company ultimately decided to abandon it. Now, the blockchain is in the news again as it freezes $2.6 billion worth of inactive tokens.

What is the TON blockchain?

The TON blockchain was a project created by Telegram, a popular messaging app. It was intended to be a fast, secure, and scalable blockchain platform that could handle a wide range of applications. The project raised $1.7 billion in an initial coin offering (ICO) in 2018, making it one of the largest ICOs in history.

Why were the tokens frozen?

The tokens on the TON blockchain were frozen because they had been inactive for over a year. This means that the owners of these tokens have not used or transferred them in any way for more than 12 months. The decision to freeze these tokens was made by the TON Labs team, which is now responsible for the development and maintenance of the blockchain.

What happens to the frozen tokens?

The frozen tokens will remain inaccessible until their owners take action to reactivate them. This can be done by contacting TON Labs and going through a KYC (know-your-customer) process. Once the tokens are reactivated, their owners will be able to use them or transfer them as they see fit.

What does this mean for the TON blockchain?

The decision to freeze these inactive tokens is a positive development for the TON blockchain. By removing these tokens from circulation, the blockchain becomes more efficient and secure. It also sends a message to the cryptocurrency community that TON Labs is serious about maintaining the integrity of the blockchain.

Conclusion:

The TON blockchain has been in a state of limbo since Telegram abandoned the project in 2020. However, the recent decision to freeze $2.6 billion worth of inactive tokens shows that TON Labs is committed to maintaining and improving the blockchain. While it remains to be seen whether the project will ever achieve its original goals, this is a positive step in the right direction.

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