search
Homeweb3.0Toncoin Loses $2.7 Billion in Market Value as Telegram Co-Founder Detained

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.

Toncoin Loses .7 Billion in Market Value as Telegram Co-Founder Detained

A digital asset linked to Telegram Messenger LLP fell sharply on Monday after the messaging app’s co-founder was detained at a Paris airport.

Toncoin, the token of The Open Network, slid as much as 16% after Pavel Durov was taken into custody on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram.

The 10th largest cryptoasset pared some of the drop to trade at $5.7 as of 10:36 a.m., Monday in Singapore.

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.

The three-year-old foundation behind the project says it’s separate from Telegram. But the ties between Telegram and TON turned the latter into one of crypto’s most-hyped initiatives. Pantera Capital Management LP in May described a purchase of Toincoin as the firm’s largest-ever investment.

Billionaire Durov is also Telegram’s chief executive officer. The Dubai-based company issued a statement saying it abides by European laws, including the Digital Services Act, and that Durov has “nothing to hide.”

It’s “too early to tell” what impact Durov’s detention will have on Telegram longer term, said Richard Galvin, co-founder of hedge fund DACM, which purchased TON tokens in a private round in early 2023. The weekend market reaction “factored this uncertainty into the TON price” for now, he added.

Galvin said the key appeal of the TON-Telegram relationship “is the ability to introduce Telegram’s vast user base to crypto functionality,” and that “anything that weakens the competitive position of Telegram is negative for TON.”

Governments have faulted Telegram’s relatively light-touch approach to content moderation for encouraging criminality, while free-speech proponents praise the platform as a venue for open discussion. Telegram is popular with the crypto community, for instance for sharing investment tips.

TON on its X social-media account joined the likes of Elon Musk in expressing backing for Durov, reposting the hashtags #FreePavel and #FREEDUROV and changing its logo to the “Resistance Dog” in a further show of support.

The value of assets locked on the TON blockchain surged this year to a peak of $1.1 billion last month but the figure has now retreated to $661 million, data from DefiLlama show. Toncoin’s price more than tripled in the past year and the token has a current market value of about $14.4 billion, according to CoinGecko.

The above is the detailed content of Toncoin Loses $2.7 Billion in Market Value as Telegram Co-Founder Detained. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
XRP, HYPE, ONDO Are Showing Fresh Signs of LifeXRP, HYPE, ONDO Are Showing Fresh Signs of LifeApr 11, 2025 am 11:08 AM

Altcoins are showing fresh signs of life following Trump's 90-day tariff pause, and three names in particular—XRP, HYPE, and ONDO—are catching investor attention.

Best Crypto Casinos for Instant Withdrawal 2025Best Crypto Casinos for Instant Withdrawal 2025Apr 11, 2025 am 11:06 AM

What sounds better: winning big and then waiting days for the money to arrive, or playing at crypto casinos with instant withdrawal?

Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETFNasdaq Files to List VanEck Avalanche (AVAX) Trust ETFApr 11, 2025 am 11:04 AM

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

This guide is for informational purposes only. The token(s) discussed as potential rewards may not have launched yet or may never launch.This guide is for informational purposes only. The token(s) discussed as potential rewards may not have launched yet or may never launch.Apr 11, 2025 am 11:02 AM

This guide is for informational purposes only. The token(s) discussed as potential rewards may not have launched yet or may never launch.

Woman Regains More Than $35000 Lost in a Cryptocurrency ScamWoman Regains More Than $35000 Lost in a Cryptocurrency ScamApr 11, 2025 am 10:58 AM

CINCINNATI, OH — A 73-year-old Delhi Township woman has regained more than $35,000 lost in a cryptocurrency scam, thanks to the quick action of local police and a specialized unit within the Ohio Bureau of Criminal Investigation (BCI)

Remittix (RMX) Price Prediction is at a Crossroads TodayRemittix (RMX) Price Prediction is at a Crossroads TodayApr 11, 2025 am 10:56 AM

Remittix, a new DeFi token, can be one of the best cryptos to put your money in this year, according to most.

Dogecoin (DOGE) Price Reversal Sets the Stage for a New All-Time HighDogecoin (DOGE) Price Reversal Sets the Stage for a New All-Time HighApr 11, 2025 am 10:54 AM

After a long-running streak of breaking down from support levels, Dogecoin (DOGE) is set to reverse the trend.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Best Graphic Settings
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. How to Fix Audio if You Can't Hear Anyone
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
WWE 2K25: How To Unlock Everything In MyRise
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

MantisBT

MantisBT

Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.

ZendStudio 13.5.1 Mac

ZendStudio 13.5.1 Mac

Powerful PHP integrated development environment

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.