Popular messaging app Telegram, whose CEO Pavel Durov was arrested on August 24, reportedly held $400 million in digital assets at the end of 2023, according to the company's 2023 financial report.
By the end of 2023, the app had around four million premium users, a figure that has since grown to over five million.
Telegram reported an operating loss of $108 million in 2023 despite revenue of $342.5 million. According to a report by the Financial Times, about 40% of Telegram’s revenue came from digital asset-related businesses, under the categories of “in-app wallet” and “collectibles sales.”
According to Statista, Telegram recorded $11.66 million in in-app revenue in the first two months of 2024 and has raised over $4 billion in funding since its launch.
Telegram's 2023 financial report provides details on crypto transactions
The FT report referring to Telegram's 2023 financial statements said that the "built-in wallet is a software program that allows users to store, send, receive and trade crypto assets."
Regarding the “sale of collectibles,” Telegram’s financial disclosure states that the company sells various types of collectibles to its users, including virtual usernames and phone numbers. The company also facilitates transactions between users for the sale of these collectibles and receives compensation for this service.
According to Statista, India led Telegram downloads in 2023, with 83.85 million users, while the United States took third place with 29.92 million downloads.
Durov's arrest triggers chain reaction
On August 24, Durov was arrested as his plane landed at Le Bourget airport, a suburb of Paris. He is accused of terrorism, trafficking, criminal conspiracy, fraud, money laundering, etc. He was brought before the court on August 28.
Toncoin (TON), the native currency of The Open Network and originally developed by the messaging app Telegram, saw a surge in futures traders hedging their bets on the asset's price following Durov's arrest.
Despite the price drop and the change in market sentiment, various technical and market factors indicate that TON could be ready for a rebound. If the market perceives the arrest as an isolated incident that does not fundamentally harm the Toncoin ecosystem, traders could view this drop as a panic buying opportunity.
