Key Points
- Toncoin’s value fell 18% after Pavel Durov was arrested in France.
- French authorities have linked Durov to crimes facilitated by Telegram’s lack of censorship.
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According to data from CoinGecko, the price of TON fell as much as 18% on Sunday, falling below $5.53, following news that Telegram co-founder and CEO Pavel Durov was arrested at Le Bourget Airport in France. Similarly, the value of Notecoin (NOT) plunged by 21% as concerns about Durov’s legal troubles grew.
According to a BBC report, Durov was detained by French police at Bourget Airport on August 24 after arriving from Azerbaijan on a private jet. His arrest was carried out under a warrant issued by the French OFIM, which deals with preventing violence against minors.
The report highlighted that Telegram’s lack of moderation was part of a police investigation that found that criminal activity was rampant on the platform. French officials argued that Telegram’s lack of oversight enabled illegal activity, and raised concerns about the platform’s role in facilitating such behavior, especially given its massive user base of nearly a billion users.
After this news was announced, the value of Toncoin suffered a sharp decline. TON’s market cap plummeted from $17.1 billion to $18 billion. approximately According to data from CoinGecko, $14 billion was lost in just a few hours.
Toncoin is a cryptocurrency closely linked to: Telegram messaging app and its Founder Pavel Durov. TON is the native coin of The Open Network, originally developed by Telegram but later launched independently. TON is integrated with Telegram, allowing users to use Toncoin to make payments, store value, and access decentralized applications within the Telegram app.
Notcoin, which operates on the TON blockchain, is also Integrating encryption features With the Telegram app. Crypto-based idle games have skyrocketed in popularity on Telegram this year, gaining over 35 million users in just five months.
The price of Notcoin has fallen sharply since Durov’s arrest. NOT is currently trading at around $0.009, down 20% over the past 24 days. During the time TON is trading at around $5.6. Toncoin’s value is down about 31% from its all-time high of $8.2 recorded in mid-June.
The broader cryptocurrency market remains relatively stable, with some 1.1% increase Within a day. There was small Change The price of Bitcoin Over the past 24 hours, it has traded at around $64,000 as of writing.
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