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Toncoin Plummets 14.5% After Telegram CEO Arrest Amid Serious Allegations
Toncoin experienced a significant drop of 14.5% following the shocking arrest of Telegram CEO amid serious allegations. Explore the implications of this event on the cryptocurrency market and what it means for investors.
Toncoin Faces Significant Drop Following Arrest of Telegram CEO
Toncoin (TON) has experienced a notable decline, plummeting over 14.5% after reports from French media surfaced regarding the arrest of Pavel Durov, the CEO of Telegram. Durov was detained at Le Bourget Airport due to a warrant issued by OFIM, an office of the French National Police dedicated to preventing violence against minors.
As of the latest updates, Toncoin is trading at approximately $5.75, reflecting a drop of 14.5%, according to data from CoinDesk Indices. In contrast, The CoinDesk 20 (CD20), which tracks the performance of the largest digital assets in the market, remains relatively stable, showing a slight increase of 0.79%.
The arrest warrant against Durov emerges from a serious criminal complaint filed by OFIM, an office that was established in November 2023. The authorities allege that Durov is complicit in multiple offenses, including drug trafficking, the distribution of child sexual abuse material (CSAM), and fraud, all attributed to Telegram’s inadequate moderation and a lack of cooperation with law enforcement agencies, as reported by French network TF1.
In a show of support, Elon Musk took to social media platform X to advocate for Durov’s immediate release. Meanwhile, Telegram’s public relations office has not yet responded to CoinDesk’s inquiries regarding the situation.
According to TF1, a law enforcement source remarked, “On his platform, countless crimes and offenses were committed for which he does nothing to moderate or cooperate.” Another source added, “For years, it has become the number one platform for organized crime.” These statements underscore the serious implications surrounding Durov’s leadership of Telegram.
Interestingly, sources who spoke with TF1 expressed surprise that Durov traveled to France, given that he was aware of being a wanted individual in the country. The details surrounding his arrest have also been corroborated by prominent news outlets, including the BBC and Reuters.
UPDATE (August 25, 05:10 UTC): This update includes Musk’s tweet calling for Durov’s release.