The United States Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud,” with nearly half of all crypto-related scams originating from social media platforms in 2021. Published on Friday, the report found that as much as $1 billion in crypto has been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018. New analysis finds consumers reported losing more than $1 billion in #cryptocurrency to scams since 2021. Most of the losses consumers reported were to bogus cryptocurrency investment scams: https://t.co/MYGTcaw1aS #DataSpotlight /1 …

It was 2018 when privacy-focused messaging platform Telegram announced that it was in the process of building a blockchain-based decentralized computer network technology called The Open Network (TON). However, following a lengthy litigation battle that lasted until May 2020 with the United States Securities and Exchange Commission over its $1.7 billion initial coin offering (ICO), Telegram had to sever its ties with the project, leading many to believe that TON was done for. That said, far from everyone’s expectations, the TON project seems to have found a new lease on life and is thriving. For starters, the TON Foundation recently …

An executive at Russia’s Chamber of Commerce and Industry has called on the government to conduct cross-border settlements in cryptocurrencies and central bank digital currencies (CBDCs). Chamber President Sergei Katyrin sent a letter to Russian Prime Minister Mikhail Mishustin, providing a set of proposals for developing cooperation with African countries, the local state-backed publication TASS reported Thursday. In the letter, Katyrin reportedly advocated the use of CBDCs and cryptocurrencies for mutual settlement and payments as part of Russia’s move into Africa amid Western sanctions, stating: “It seems useful to instruct the Ministry of Finance of the Russian Federation, together with …

The TON Foundation, an organization building on the Telegram-initiated blockchain project, The Open Network (TON), has chosen the TONcoin Fund as its official ecosystem fund. The TONcoin Fund announced on Monday the launch of an ecosystem fund focusing on supporting TON-based projects, securing an initial collective commitment of up to $250 million from major firms within the industry. The fund has earned the title of the TON Foundation’s official incubation partner, meaning that they will support the fund’s portfolio investments. The fund’s contributors included firms like Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, the blockchain startup Orbs, TON …

Cryptocurrency-themed advertising has been growing extremely popular on Telegram, with some ad firms reporting on crypto becoming the most expensive advert type on the platform in 2021. The average cost per 1,000 impressions (CPM) of crypto ads on Telegram in Russia has significantly surged in 2021, posting more than a fourfold increase, according to a report by ad marketplace Telega.in released on Thursday. The CPM of such crypto ads topped at 6,700 Russian rubles ($90) by the end of 2021, becoming the most expensive type of advert on Telega.in’s marketplace, outstripping themes like trading and investments. Crypto ads were also …

Telegram co-founder and CEO Pavel Durov has expressed excitement about the Telegram Open Network (TON) technology still developing after Telegram officially abandoned the project last year. “I'm proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm,” Durov said in a Telegram post on Thursday. He noted that the project rebranded from TON to Toncoin. Unlike the original TON, the new project is independent of Telegram. “But I wish its team the same success. Coupled with the right go-to-market strategy, they …

When this “truly decentralized” blockchain launched on May 7, 2020, it had not sold a single token. A year later, Free TON still hasn’t — and won’t — TON Labs CTO Mitja Goroshevsky said on a May 3 Cointelegraph AMA. That’s unique for a proof-of-stake blockchain, which generally relies on validators who stake a fair amount of a project’s tokens to ensure good behavior. But then, very little is normal about the Free TON project, which arose from the ashes of Telegram messaging service’s Telegram Open Network blockchain. In that incarnation, Telegram presold $1.7 billion worth of tokens to investors. …

TON Labs, the development arm behind the Free TON blockchain, raised $6 million through an investment round led by venture capital firm Runa Capital. The funding will go toward building out a new product environment for the Free TON blockchain, which the company describes as the fastest decentralized protocol due to its unique dynamic sharding mechanisms. Dmitry Chikhachev, a general partner at Runa Capital, said TON Labs is the only blockchain company to receive direct funding from his firm. “As a deep tech and software investor, we appreciate the technical challenges solved by the company and see a strong potential …

Da Vinci Capital, a major investor in Telegram’s Gram token $1.7-billion initial coin offering, has reportedly requested compensation for the failed launch of the Telegram Open Network, or TON. Investors at Da Vinci Capital reportedly sent a letter before claim to Telegram CEO Pavel Durov, stating that the fund is planning legal action against TON Inc. and Telegram, Forbes Russia reported Monday. Citing anonymous sources close to Da Vinci, the report initially stated that the fund has demanded $100 million in compensation from Telegram and other firms involved in the Gram ICO. According to the report, Telegram now has two …

TON Labs and China’s Blockchain-based Service Network are collaborating to build applications on the Telegram-built TON protocol. According to an announcement issued on Monday, the partnership grants BSN developers access to TON technology. As with other instances of adapting public networks to the BSN China infrastructure, TON Labs will adapt the Telegram-built TON protocol to suit the demands of Chinese regulations. Hence, the TON network implementation on BSN China will be an open permissioned blockchain version. According to He Yifan, CEO of Red Date Technology — a founding member of the BSN — Chinese developers will be looking to the …

Free TON, a community-driven blockchain promoting decentralized self-governance and freedom of speech, has acquired Dune Network through a community merger mechanism that was recently approved by both camps. An amended Dune community partnership proposal filed in January was approved on Tuesday, bringing the Free TON merger one step closer to fruition. Dune Network, which is a decentralized platform for distributed applications, said the merger will strengthen both communities and support the global adoption of decentralized governance. Ben Sunderland, Dune Network’s community manager, said: “Our vision is to create the blockchain ecosystem’s first true decentralised Merger and Acquisition. With our shared …

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor's note “It was the best of times, it was the worst of times,” begins the most famous English-language story of the French Revolution. Though many would disagree with me, I would argue that neither is true of today. Maybe that’s why what passes for revolutions these days is so dependent on memes and lunatic viral conspiracy theories. That same memetic energy has brought together an unholy matrimony of anarchists, leftists, populists, jilted investment bros, Boogie boys and survivalists, AOC stans, …