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Toncoin (TON) Falls By 15% Following Telegram CEO Arrest.
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Toncoin (TON) Falls By 15% Following Telegram CEO’s Arrest

Semilore Faleti
Semilore Faleti
10 months ago
3 mins read
Toncoin

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The price of cryptocurrency Toncoin (TON) has experienced a steep decline following reports of the arrest of Telegram CEO Pavel Durov. Toncoin has been one of the best-performing digital assets in 2024, however, the altcoin has faced a rather turbulent period in the last two months.

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10 months ago

Toncoin Reacts To Telegram CEO’s Detention

According to French source TF1 TV on Saturday, Telegram founder and CEO Pavel Durov was arrested at the Le Bourget airport in France after alighting from his private jet. 

Durov, a 39-year-old Russian-born Emirati, has been reportedly detained due to a “lack of control” on Telegram which French authorities believe has fostered the growth of criminal activities on the messaging app.  So far, this arrest has drawn much criticism from the tech community including many crypto users who have described such action as the French government attempting to force censorship on a free social media platform. 

Notably, Toncoin, the native token of The Open Network (TON) and a cryptocurrency integrated with the Telegram app recorded a 15.67% decline in market price following news of Durov’s arrest. 

Toncoin, which was to be initially launched by Telegram before an intervention by US regulators, plays various critical roles in the messaging app in compensating developers, buying ads, and even acquiring a premium subscription.  Therefore, the bearish sentiment generated by the Telegram CEO’s detention pulled TON’s market price to as low as $5.52, a price level last seen in early August. Nevertheless, the altcoin appears to have found some stability as it gently moves upwards into the $5.70 zone. 

As earlier stated, TON has been one of the most profitable assets in 2024, thus this price dip may not attract much concern from long-term investors. 

According to data from CoinMarketCap, TON gained by over 240% in the first six months of 2024 achieving an all-time high of $8.24, alongside a placement in the top 10 cryptocurrencies based on market cap. While the altcoin has not shown similar growth levels in Q3 2024, the consistent growth in on-chain metrics e.g. active network users spell a rise in interest which could significantly affect price growth.

TON Network Calls For Calm Amidst Durov Arrest

Commenting on Pavel Durov’s sudden arrest, the management of The Open Network has assured all users the blockchain remains functional while affirming support for the embattled Telegram CEO. With an online protest already happening on the X social media platform, the TON management has also called for a calm and united approach to engaging authorities and resolving the matter at hand.

At the time of writing, TON trades at $5.72 with an astounding 504.56% increase in daily trading volume. TON ranks as the 9th largest cryptocurrency with a market cap of $1.57 billion.

Related Reading: Crypto Analyst Says Telegram-Based Notcoin Is Ready To Fly, Here’s How High

Toncoin
TON trading at $5.782 on the daily trading chart | Source: TONUSDT chart on Tradingview.com
Featured image from The Tech Report, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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