Data: TON token market value evaporates by $2.7 billion after Telegram CEO arrested
According to a report by Bloomberg, the market capitalization of the digital assets related to the blockchain project of Telegram Messenger LLP has shrunk by about $2.7 billion, reflecting the uncertainty caused by the detention of Telegram co-founder Pavel Durov. It is reported that Pavel Durov was detained at Paris airport on Saturday for allegedly failing to take measures to prevent Telegram from being used by criminals. Subsequently, the token Toncoin (TON) of The Open Network fell by more than 20%. According to data compiled by Bloomberg, as of 10:36 am Singapore time on Monday, TON has narrowed some of its losses, trading at $5.69, but with the ongoing developments around the Durov incident, the asset is still down 16%. Richard Galvin, co-founder of the hedge fund DACM, said it is "too early" to judge the long-term impact of Durov's detention on Telegram, as his fund purchased TON tokens in a private round earlier this year. He added that the market reaction over the weekend "temporarily factored in this uncertainty into the TON price".
