Two very important coins are on the top of crypto losers today with over 16% loss – Toncoin and Notcoin.
Notcoin is a token specifically designed for the GameFi sector on the TON blockchain. So, why are these two altcoins prices crashing this weekend?
The crypto world was caught off guard this Saturday when Pavel Durov, the founder and CEO of Telegram, was arrested at Le Bourget airport near Paris. Durov, who holds both French and Russian citizenship, was detained as he arrived on his private jet around 8pm CET., accompanied by a bodyguard and a female companion.
French authorities have made serious allegations against Durov, claiming that Telegram’s hands-off approach to moderation and its limited cooperation with law enforcement have made the platform a breeding ground for illegal activities. They argue that features like disposable phone numbers and cryptocurrency transactions have inadvertently facilitated drug trafficking, child exploitation, and fraud.
JUST IN: Telegram Founder & CEO Pavel Durov arrested in France. pic.twitter.com/NtJmtJewm0
— Watcher.Guru (@WatcherGuru) August 24, 2024
Impact on TON and NOT
This sudden turn of events has sent shockwaves through the crypto community, particularly affecting Toncoin (TON) and Notcoin (NOT). Both of these cryptocurrencies are closely tied to the Telegram ecosystem, which explains their sharp decline in value following Durov’s arrest.
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Toncoin, originally developed by Telegram but now run independently, has long been associated with the messaging app’s vast user base. Notcoin, built on the TON blockchain, was gaining traction in the GameFi sector. The arrest of such a prominent figure in the tech world has understandably shaken investor confidence in these related projects.
News like this can have an outsized impact on crypto prices. However, it’s unclear how long this downward pressure will last or what long-term effects Durov’s legal troubles might have on the TON ecosystem. Even more importantly, Telegram is
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The post Here’s Why Toncoin (TON) and Notcoin (NOT) Prices Are Crashing appeared first on CaptainAltcoin.
