- Telegram CEO Pavel Durov was arrested under charges tied to illegal conduct by users.
- The market of Toncoin – a Telegram token- steeped sharply by 15% following the arrest.
- Justin Sun, founder of TRON, proposes a DAO to secure Durov’s release; pledges $1M.
Pavel Durov, CEO and founder of Telegram, was arrested on Saturday because the messaging application (app) did not have sufficient moderators, leading to increased criminal activity that went unnoticed. Durov was arrested at Le Bourget Airport in France while returning from Azerbaijan. He is currently facing charges linked to illegal conduct by the app’s users, facilitating terrorism, the sale of narcotics and stolen goods, fraud, etc.
Response from the App
However, the Telegram app expressed their disbelief and concern over the arrest in their X profile. Recently, the app’s user base reached over 950 million. Most of the users are crypto members, and they use the platform to play crypto-based games within the app using built-in “mini-apps.” Hamster Kombat, the most popular game, has garnered over 300 million players over the last few months. The app announced an upcoming token giveaway.
Ton Coin History
Durov’s arrest has alarmed both Toncoin and Altcoin investors. At the time of press, the Ton Coin market had dropped by 15%. Initially created by Telegram, it was earlier named Telegram Open Network. In May 2020, following a court filing by the SEC, Durov announced the end of Telegram’s involvement with the blockchain.
However, the development of the blockchain continued externally by an independent group of developers and blockchain enthusiasts. It was renamed The Open Network (TON). The vision of the TON Foundation is to empower over 500 million users to own their digital identity, data, and assets by 2028 and enable developers to build a decentralized ecosystem in the app.
Binance Lists Toncoin: Price Surge Raises Hopes for New HighPotential Market Scenario
With the Ton Coin experiencing a steep decline following the arrest, market observers are closely monitoring the developments related to Durov’s arrest and its effect on both Toncoin and Altcoins. On the other hand, a few crypto giants have come forward to support the CEO’s release. In his X post, Justin Sun, the founder of TRON, proposed the creation of a decentralized autonomous organization (DAO) to secure the release of Durov. Additionally, he pledged to donate $1 million to support the DAO’s efforts to advocate for Durov’s freedom.
