DWF Labs, a prominent Web3 market maker, has acquired $500,000 worth of Toncoin to express support for Telegram’s founder, Pavel Durov. This move follows Durov’s recent arrest in France, which has triggered widespread concern within the crypto community. Andrei Grachev, DWF Labs’ managing partner, announced the purchase on X (formerly Twitter), emphasizing his solidarity with Durov during this challenging time.
Show of confidence in Toncoin
Grachev’s decision to invest in Toncoin is a decisive vote of confidence in the TON blockchain. He disclosed that the purchase was made on the open market, with plans to hold the tokens until Durov is released. In his message, Grachev highlighted his commitment to supporting uncensored and decentralized technology, stating that this acquisition ensured the community remained united.
Grachev stated, “We cannot do too much, but I decided to support what I could by buying approximately $500K in TON on the open market. I will keep these funds on-chain until Durov is freed. This is not financial advice.”
This investment is critical for Toncoin, which experienced a significant drop in value following the news of Durov’s arrest. Data from CoinMarketCap revealed a 20% decline in TON’s price, with the token hitting a low of $5.249. The decrease was primarily attributed to market panic and increased selloffs, with the 24-hour trading volume surging by 892% to reach 2.48 billion. However, the token has shown signs of recovery, trading at $5.864, possibly buoyed by acquisitions like Grachev’s.
Toncoin Price Performance (Source: Tradingview)
Crypto community rallies behind Durov
The arrest of Pavel Durov has sparked an outpouring of support from the crypto community, with many advocating for his immediate release. Durov’s supporters believe the arrest is an attempt by authorities to pressure him into allowing government censorship on Telegram. Among those voicing their support is **Elon Musk**, who joined the growing chorus by posting the #FreePavel hashtag on social media.
Various projects within the crypto ecosystem have also spoken out, including the popular Telegram-based game Hamster Kombat. The game’s developers described Durov’s arrest as an attack on freedom of speech and urged their followers to stand up for the Telegram founder, who has long championed users’ rights to privacy in online communications.
TON Blockchain remains operational
Despite the controversy surrounding Durov’s arrest, the TON Blockchain network has reassured its community that it remains fully operational. In an official statement, the network emphasized its commitment to freedom of speech and decentralization, calling on the community to stay united during this period.
The statement from TON Blockchain reads, “The TON community remains focused on our mission and will continue our work to uphold these principles globally. We encourage everyone to stay calm and united as we navigate this situation. Thank you for your continued support.
The TON network’s claims of decentralization have remained intact. Some critics within the crypto community have questioned the extent of the network’s decentralization, pointing out that a small number of holders controls a significant portion of TON tokens.
The post DWF Labs Acquires $500K in Toncoin to Back Arrested Telegram CEO first appeared on Coinfea.
