- telegram founder Pavel Durov Arrested on charges of cybercrime.
- cloud skepticism It’s hanging Toncoin.
- Users accuse: ton Price crash due to technical error.
Toncoin has seen tremendous growth in 2024, reaching the CoinMarketCap top 10 by April. This rapid rise was driven by the introduction of personal proof palm scanning ID technology, which represents a major milestone for the project. The ecosystem continues to expand with the integration of USDT and the launch of popular apps such as Notcoin and Hamster Kombat, further solidifying TON’s position in the cryptocurrency market.
However, recent events have cast a shadow over Toncoin. The arrest of Telegram founder Pavel Durov by French authorities a week ago led to a 20% drop in the token’s price, raising concerns about its future. Adding to the uncertainty is the recent price error that briefly caused significant losses for TON, sparking a temporary panic among investors.
Toncoin price errors are nothing to worry about
Toncoin users were shocked when CoinMarketCap reported that the price of TON had plummeted by 94% on the morning of September 3 (UTC). With uncertainty over Telegram’s future growing after Durov’s arrest, the sudden drop raised fears that it was all over.
However, it soon became clear that the sharp drop was caused by a price indexing error on CoinMarketCap, rather than an actual market crash.
Trader Jesse Trading was one of the first to notice that the TON price had returned to normal. After checking the TON page on CoinMarketCap, he confirmed that there was no evidence of a massive price crash.
The Toncoin community reacted quickly to this error with mixed emotions. On Reddit, some users downplayed CoinMarketCap’s history of price errors, while others reacted more aggressively to what they saw as unfair negativity toward TON.
Despite being a minor incident of little significance, this error still played a huge role in increasing skepticism about Toncoin’s long-term prospects and its place in the cryptocurrency market.
TON faces the perfect storm
A recent DailyCoin article published shortly before Durov’s arrest raised several concerns about the Toncoin platform.
The report highlighted issues including questionable user data handling practices, missing deposits, and claims that users who complained about missing funds were banned.
The article also linked TON to Russian authorities, adding a new dimension to Durov’s arrest at a time when Russia’s war in Ukraine has led to Western governments isolating it internationally.
Toncoin said the recent string of large-scale network outages had exacerbated the problem, which it said was due to unusual network loads related to the popularity of the DOGS meme coin.
On the other side
- MultiverseX’s EGLD tokens too A pricing error has occurredIndicates that it is not an event Toncoin-Specific.
- 2023 Account showed it telegram Last year, it lost $259.3 million and held $399 million worth of cryptocurrency assets.
- French authorities Released Durov He was released on bail on August 28.
Why this matters
The Toncoin price issue appears to be an isolated incident, but as interest in the project grows, skepticism has grown over the timing.
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