Toncoin, the cryptocurrency linked to Telegram, has dropped 20.6% in the last 24 hours since Pavel Durov, the founder of Telegram, was arrested. The price of the digital asset has dropped to $5.3, and its market value has dropped to $13.6 billion, making it the ninth-largest coin.
When Durov was arrested at the Le Bourget airport near Paris, trading in Toncoin went up by 690% and hit $2 billion. Even though the market as a whole recovered on August 24, Toncoin is still under a lot of selling pressure.
Toncoin Powers Web3 Innovation
Telegram, which has almost a billion users, has added Toncoin as part of its efforts to be innovative on the Web3. The coin, which is an abbreviation for Telegram Open Network (TON), is a key part of the platform’s growth into decentralized services.
Durov, a Russian refugee who is 39 years old, is due to go to court today in France. He could be charged with terrorism, drug trafficking, fraud, money laundering, and child abuse content. He could get up to 20 years in prison for breaking rules about content moderation if he is found guilty.
Elon Musk, who owns X.com, has openly backed Durov and said that European laws are against free speech. People don’t like that Telegram lets users share extremist material. In fact, the app was recently used to plan riots in the UK.
“It’s 2030 in Europe and you’re being executed for liking a meme.” Elon Musk said pointing out Durov’s arrest in France.
The OFIM unit of the French National Police made a criminal complaint against Durov, saying that he was involved in Telegram’s poor content moderation of fraud, drug trafficking, and child sexual abuse content. At the same time, TON’s official X account said that the community would always back Durov and emphasized his dedication to free speech.
“We believe his efforts to promote an open and decentralized internet will continue to inspire millions.” TON community said on X.
