Toncoin loses $2.7 billion in market value after Telegram co-founder Pavel Durov's detention in Paris.
A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion in market value, reflecting the uncertainty sparked by the detention of the messaging appâs co-founder.
Demonstrators with a icon stylised painting depicting Telegram's founder Pavel Durov protest against the blocking of the popular messaging app in Russia.(AFP)
Demonstrators with a icon stylised painting depicting Telegram's founder Pavel Durov protest against the blocking of the popular messaging app in Russia.(AFP)
Toncoin, the token of The Open Network, slid more than 20% after Pavel Durov was reportedly taken into custody at a Paris airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram.
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The 10th largest cryptoasset pared some of the drop to trade at $5.69 as of 10:36 a.m. Monday in Singapore but is still down 16% as a result of the unfolding drama over 39-year-old Durov, according to data complied by Bloomberg.
The Open Network â or TON â blockchain has access to Telegramâs 900 million monthly users via a partnership and seeks to enable services such as in-app payments and games. TONâs rise spurred speculation that Telegram has a shot at becoming a âsuper-appâ in the style of Chinese giants like WeChat.
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Source: https://www.hindustantimes.com/business/telegramlinked-crypto-token-sheds-2-7-billion-after-ceo-pavel-durov-held-101724643519178.html
