Toncoin Price Drops After Telegram CEO Arrest 📉
The price of cryptocurrency Toncoin (TON) has plummeted after reports emerged of the arrest of Telegram CEO Pavel Durov. Toncoin, which has been performing well this year, is now facing challenges following this development.
Toncoin Reacts To Telegram CEO’s Detention
According to French source TF1 TV, Pavel Durov was arrested in France after arriving on his private jet at Le Bourget airport. Durov, a Russian-born Emirati, was reportedly detained due to alleged lack of control over criminal activities on the Telegram platform, leading to criticism from the tech community and crypto users.
- Durov’s arrest caused Toncoin to drop by 15.67% in value.
- Toncoin, closely linked to Telegram, serves various functions on the app such as compensating developers and purchasing ads.
- The cryptocurrency’s price fell to $5.52 following the news, but is showing signs of stabilization around $5.70.
- Despite the recent decline, Toncoin has been a profitable asset in 2024.
TON Network Calls For Calm Amidst Durov Arrest
The management of The Open Network reassured users that the platform remains operational after Durov’s arrest. The community is being urged to maintain composure and unity in addressing the situation while showing support for the embattled Telegram CEO.
- TON is currently trading at $5.72 and has witnessed a significant increase in daily trading volume by 504.56%.
- With a market cap of $1.57 billion, TON ranks as the 9th largest cryptocurrency.
Hot Take: The Future of Toncoin Amidst Turbulence 🚀
In light of recent events involving Telegram CEO Pavel Durov’s arrest, Toncoin has experienced a sharp decline in value. However, the cryptocurrency’s close ties to Telegram and its role within the platform may still offer potential for recovery and growth. As the situation unfolds, it remains crucial for investors to monitor developments closely and assess the long-term implications for Toncoin in the ever-evolving crypto landscape.
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