According to CoinDesk, messaging app Telegram has endorsed the TON network as its preferred blockchain network for Web3 infrastructure, resulting in a 7% increase in the value of the TON token. Telegram initially began developing the TON blockchain in 2018 but abandoned the project in August 2020 due to legal action from the U.S. Securities and Exchange Commission (SEC), which accused the company of selling unregistered securities. In 2021, members of the TON community formed the TON Foundation to continue the project.
Despite the legal issues, Telegram remained popular among cryptocurrency enthusiasts, possibly due to its previous attempts to launch its own digital currency. The TON Foundation continued to develop the network independently, although the connection between the two entities persisted. Notable TON developments, such as a Web3 wallet built on the TON network, were integrated into the Telegram messaging app.