According to Bloomberg, Toncoin, a token designed by Telegram for its 950 million users for use in payments and blockchain games, has recently plummeted to a market value of about $590 million. France has arrested Telegram's billionaire co-founder.
According to DefiLlama data, TON’s total locked value has dropped to about $650 million from more than $1 billion in June. Companies such as Pantera Capital Management, Animoca Brands, and Mirana Ventures invested in Toncoin at a 40% discount to the market price at the time.
Pantera’s investments remain profitable, but similar risk mitigation strategies are not available to the average retail investor.
