Telegram decided to remind about itself amid the collapse of the FTX crypto exchange

The Telegram development team will create tools for trading and storing cryptocurrencies – decentralised exchanges and wallets.

Telegram CEO Pavel Durov said the blockchain industry had been built on the idea of decentralisation, but it ended up being concentrated in the hands of people who began to abuse their power. As a result, many lost money during the bankruptcy of FTX, one of the largest exchanges.

According to Durov, cryptocurrency companies should return to their roots and work on simple and fast decentralised projects. The businessman said it took only 5 people and 5 weeks to create a marketplace for selling Fragment usernames based on the TON blockchain. Within a month, the platform’s trading turnover reached $50 million, but in 2020, Telegram left the TON project amid a lawsuit initiated by the US Securities and Exchange Commission.

Crypto exchange FTX declared bankruptcy in mid-November 2022. Later it became known that approximately $1 billion disappeared from the platform. A class-action lawsuit was filed against the founder of FTX, Sam Bankman-Fried, and the celebrities who promoted it.