The Arrest of Telegram Co-founder Pavel Durov Hits Toncoin Price!
If you haven’t heard yet, news broke that Telegram co-founder and CEO Pavel Durov was arrested in France over the weekend. This event led to a significant drop in the price of Toncoin (TON), which is the token associated with The Open Network, an affiliate of Telegram. Durov’s arrest by France’s National Anti-Fraud Office was related to various charges linked to illegal activities conducted by Telegram users that the platform allegedly failed to moderate. Charges included facilitating terrorism, drug and stolen goods sales, fraud, and more.
Telegram Co-founder’s Unexpected Arrest
- The 39-year-old Durov was arrested in France by the National Anti-Fraud Office on multiple charges.
- The charges were related to illegal activities by Telegram users that the platform reportedly did not moderate.
- This unexpected event caused a sharp decline in the price of Toncoin (TON), the native token of The Open Network.
Uncertainty Surrounding Durov’s Travel to France
- It remains unclear why Durov, who usually avoids countries where Telegram is under scrutiny, decided to visit France.
- Reports suggest that Durov may face pre-trial detention as per statements from an unnamed investigator.
- Telegram’s user base recently crossed the 950 million mark, with a surge in users due to crypto-based games available on the platform.
Rise and Fall of The Open Network
- The Open Network was initially an internal project at Telegram but was abandoned in 2020 due to regulatory challenges.
- Development of the network continued externally with community contributions, and Telegram gradually integrated the blockchain network.
- Although the close association between Telegram and The Open Network boosted TON’s price by over 300% in the past year, recent events have caused a sharp decline.
The Impact on Toncoin Price
- Falling by nearly 17% in the last 24 hours, TON’s price plummeted from $6.80 to $5.61 following Durov’s arrest.
- The decline in TON’s price is significant due to the direct association with Telegram and The Open Network.
Hot Take 🔥
Considering the recent developments surrounding Telegram, The Open Network, and Pavel Durov’s arrest, the crypto community is closely monitoring the situation. The impact on Toncoin’s price serves as a reminder of how external events can influence cryptocurrency values. Stay tuned for further updates on this unfolding story!
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