The cryptocurrency market witnessed a sharp decline in the value of TON, the native coin of the Telegram Open Network, as news broke of the arrest of Pavel Durov, the founder of both Telegram and $TON , in France. The sudden drop has prompted a wave of panic selling among TON holders, leading to a significant loss in market value.
According to reports, Pavel Durov was detained in France over old allegations concerning the use of the Telegram messenger for illegal activities. This news has sent shockwaves through the crypto community, with many investors fearing the potential long-term impact on TON's future.
The unexpected arrest has already caused a cascade of liquidations, including my own LONG position, as the value of TON rapidly plummeted. Investors and traders alike are hopeful that Durov will be released soon and that the value of TON coin will recover to its previous levels.
This situation serves as a stark reminder of the volatility in the cryptocurrency market, where even external factors unrelated to the technical performance of a coin can have drastic effects on its value.
