Toncoin’s value plummeted by 20.6% in the last 24 hours, with the price currently standing at $5.3. This sharp decline has also impacted the asset’s market capitalization, which has fallen to $13.6 billion, placing it as the ninth-largest cryptocurrency.
Telegram Founder Pavel Durov Arrested, Toncoin Takes a Hit
Toncoin’s price drop comes amid a surge in its daily trading volume, which skyrocketed by 690%, reaching $2 billion. Despite a general market recovery on Saturday, Aug. 24, the coin is under intense selling pressure.
Toncoin, an integral part of Telegram’s ecosystem—a messaging app with nearly one billion users—has positioned itself as a potential leader in the Web3 space. TON, which stands for Telegram Open Network, is at the heart of this initiative.
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According to multiple French media outlets, 39-year-old Pavel Durov, the Russian billionaire and founder of Telegram, is expected to appear in court today. He is reportedly facing serious criminal charges, including terrorism, drug trafficking, fraud, money laundering, and involvement with child exploitation content.
Further Developments
Durov may be sentenced to up to 20 years in prison if found guilty of violating France’s content moderation laws.
Elon Musk, the owner of X.com and often a controversial figure in content moderation debates, has voiced his support for Durov. In a statement to the BBC, Musk criticized European laws, arguing that they stifle free speech. He sarcastically commented, “It’s 2030 in Europe and you’re being executed for liking a meme,” in reference to Durov’s arrest in France.
POV: It’s 2030 in Europe and you’re being executed for liking a meme https://t.co/OkZ6YS3u2P
— Elon Musk (@elonmusk) August 24, 2024
Telegram has long been under scrutiny for its lenient stance on content moderation, with critics pointing to the platform’s role in spreading far-right and neo-Nazi ideologies. Just earlier this month, Telegram was reportedly used to coordinate riots in the UK.
The French National Police’s OFIM unit filed a criminal complaint against Durov, accusing him of complicity due to Telegram’s failure to adequately moderate content related to fraud, drug trafficking, and the distribution of child exploitation material.
In response, TON’s official account on X stated that the community remains steadfast in supporting Durov, emphasizing his commitment to defending freedom of speech.
