Telegram Token Sheds $2.7 Billion Since CEO’s Arrest
Messaging app’s CEO Pavel Durov is being held in France
Toncoin token with ties to Telegram has fallen over 16%
Tweet on Telegram crypto token fluctuation
Since the CEO's Arrest, Telegram-Crypto Token has lost about $2.7 billion in market value.#telegram #durov #crypto #tokens pic.twitter.com/cCxXKBbqOD
— The_Journalbiz (@the_journalbiz) August 26, 2024
Bloomberg chart
A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion in market value, reflecting the uncertainty sparked by the detention of the messaging app’s co-founder.
Toncoin, the token of The Open Network, slid more than 20% after Pavel Durov was reportedly taken into custody at a Paris airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram.
The 10th largest crypto asset pared some of the drop to trade at $5.58 as of 2:11 p.m. Monday in London, but is still down over 16% as a result of the drama involving 39-year-old Durov, according to data compiled by Bloomberg.
The Open Network — or TON — blockchain has access to Telegram’s 900 million monthly users via a partnership and seeks to enable services such as in-app payments and games. TON’s rise spurred speculation that Telegram has a shot at becoming a “super-app” in the style of Chinese giants like WeChat.
