Toncoin has dropped a lot in value over the last 24 hours, dropping 20.6%. It is now selling at $5.3. The value of the coin has dropped to $13.6 billion, making it the ninth-biggest digital asset by market value.
Even though the market as a whole went up on Saturday, August 24, there is more and more pressure to sell Toncoin.
The amount of Toncoin traded every day went up by 690% and reached $2 billion. This comes at a time when the coin, which works with the famous messaging app Telegram, is getting more and more attention.
With almost a billion users, Telegram has positioned itself as a leader in Web3. Toncoin (TON) stands for Telegram Open Network.
Telegram Under Legal Scrutiny
Several French news sites say that Pavel Durov, the 39-year-old founder of Telegram, is going to court today. As of now, the Russian billionaire is living in hiding.
He could be charged with terrorism, drug trafficking, fraud, money laundering, and spreading material that promotes child abuse. Durov could spend up to 20 years in prison if found guilty of breaking French rules about content moderation.
According to the BBC, Elon Musk, who owns X and often criticizes policies that limit material, has said that he backs Durov. Musk seemed to make fun of European rules by saying they harm free speech.
People dislike that Telegram lets users share far-right and neo-Nazi material. Some groups were even said to have used the app to plan riots in the UK earlier this month.
The OFIM unit of the French National Police has filed a criminal complaint against Durov, saying that he helped Telegram avoid moderating content that was linked to fraud, drug trafficking, and the distribution of child sexual abuse material.
Because of this, TON’s official account on X said that the TON community would “stand firmly” by Durov, highlighting his dedication to free speech.
