Toncoin, the native cryptocurrency of Telegram’s The Open Network Blockchain (TON) surged by 1.5% in the last 24 hours after dipping by nearly 20% following the arrest of Telegram CEO Pavel Durov.
Ton has recovered from the dip resulting from the arrest of its Key founder Pavel Durov in France surging by 1.5% at the time of report.
The Open Network via its X account released a statement on the arrest of its founder declaring their full support for their founder and urging the Ton Community to stand by the project and take a stand for free speech.
“ Following the recent news related to Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.
As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions.
The TON community remains focused on our mission, and we will continue our work to uphold these principles globally. We encourage everyone to stay calm and united, and to keep building as we navigate this situation together. Thank you for your continued support.”
Durov Arrest
Pavel Durov was reportedly arrested on Saturday after stepping out of his private jet at Paris Le Bourget airport where he arrived from Azerbaijan in the company of a security guard and an unknown woman.
Pavel Durov who founded Telegram will be facing charges bordering on terrorism, drugs, complicity, fraud, money laundering, receiving stolen goods, [and] pedocriminal content on his Telegram platform which has hit over 800 million users worldwide.
Pavel Durov’s arrest has sparked an online campaign calling for his release under the hashtag #FreePavel. Notable figures like Elon Musk and American Journalist Tucker Carlson have blended their voices into the movement online.
How Toncoin Reacted to Durov’s Arrest
Toncoin the native crypto asset of the TON blockchain reacted to the arrest of its founder by plummeting by over 20% on Saturday the day of the arrest. It slightly recovered by 12% and has now surged by 1.5% in the last 24 hours.
The crypto asset is currently exchanging hands at $5.66 with a maximum price of $5.93 and a minimum price of $5.56.
The crypto asset is down 31.7% from its all-time high of $8.25
What to Know
- The Ton blockchain is one of the fastest-growing blockchains due to its integration with Telegram, a powerful social media app. This synergy between both entities is leading to the biggest onboarding of new users to Web 3 in the crypto industry. Telegram’s large user base is the key advantage harnessed by this blockchain to onboard new users to Web 3.
- Play-to-earn crypto projects hosted on Telegram and supported by the TON blockchain have swept the industry on its feet with projects like Hamster Kombat pulling in over 300 million players globally.