Following the arrest of Telegram’s cofounder, the market capitalization and trading price of Toncoin fell significantly.
The arrest is based on allegations of failing to prevent criminal activities on Telegram, the social media platform.
Telegram has reached 900 million monthly active users, marking a significant 12.5% increase since 2023.
Telegram & X (formerly Twitter) are regarded as one of the major social media platforms that helped the crypto community to reach broader masses easily. A recent report by CoinGecko highlights the crypto user’s preference in terms of social media.
The recent arrest of Pavel Durov, the cofounder of Telegram, has majorly impacted the prices of TON coin. As of August 2024, the TON blockchain runs individually, and its initials and developments have deep ties with Telegram.
On August 25, 2024, Toncoin lost over 15% of its trading price around its market cap, reaching $14.245 Billion after losing $311 Million intraday. Telegram’s cofounder was detained in France at Le Bourget Airport close to Paris; he was arrested after he arrived on his private jet.
According to additional information, the arrest is based on allegations of failing to prevent criminal activities on Telegram, the social media platform. As of July 2024, Telegram has reached 900 million monthly active users, marking a significant 12.5% increase since 2023.
The surge in the user base is underscored by the impressive 310.94 million app downloads on the App Store and Google Play during the first nine months of 2023.
Users spend about 3 hours and 50 minutes on Telegram each month. Additionally, Telegram’s optional subscription service has garnered 4 million users.
Related Updates
Following the arrest of Telegram’s cofounder, the TON community wrote in an X post, “Today more than ever, we see the need for freedom of speech and decentralization – two causes championed by Pavel Durov and core tenets of the TON ethos.”
Statement from the TON CommunityFollowing the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.As a community committed to freedom of speech and decentralization, we stand firmly…
— TON (@ton_blockchain) August 24, 2024
The post further wrote, “The TON community remains focused on our mission, and we will continue our work to uphold these principles globally. We encourage everyone to stay calm and united and to keep building as we navigate this situation together.”
The crypto community primarily criticizes Pavel’s arrest; the co-founder of Ethereum, Vitalik Buterin, broke the silence over this unprecedented detention.
In a reply post on X dated August 25, 2024, Buterin said, “I’ve criticized Telegram before for not being serious with encryption.”
I've criticized Telegram before for not being serious with encryption.But (given the info available so far: the charge seems to be just being "unmoderated" and not giving up people's data), this looks very bad and worrying for the future of software and comms freedom in Europe.
— vitalik.eth (@VitalikButerin) August 25, 2024
Justin Sun a young crypto billionaire, supported the Telegram cofounder and wrote in an X post, “We should show the cryptocurrency industry’s unity by organizing a #FreePavel DAO to help Telegram founder Pavel Durov legally gain freedom.”
He adds, “I’ll donate $1 million if it’s created in a decentralized way with enough community support.”
We should show the cryptocurrency industry's unity by organizing a #FreePavel DAO to help Telegram founder Pavel Durov legally gain freedom. I'll donate $1 million if it's created in a decentralized way with enough community support. @elonmusk @MarioNawfal
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 25, 2024
