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Cryptocurrency News Articles
Telegram CEO Pavel Durov Arrested in France, Raising Concerns about the Messaging App's Future and Related Cryptocurrencies
Aug 25, 2024 at 08:10 pm
Telegram CEO Pavel Durov was arrested in France this Saturday, August 24. His arrest raised concerns about the messaging app's future and related
Telegram CEO Pavel Durov's arrest in France on Saturday, August 24, has raised concerns about the future of the messaging app and related cryptocurrencies, such as Toncoin (TON) from The Open Network.
French authorities detained Durov at the Bourget airport outside Paris on allegations that he facilitated criminal activities on Telegram. According to a South China Morning Post (SCMP) report, Durov is being investigated for a “lack of moderation” on the messaging app and will face possible indictment today, which could have implications for both Telegram and TON.
Despite efforts to separate The Open Network brand from the messaging app, Toncoin largely surged due to Telegram's reputation, user base, and infrastructure. As a result, growing uncertainties related to the company's future could impact market confidence in the cryptocurrency.
The official TON account on X addressed the community to assure them that, despite the news, it remains strong and committed to its principles.
“Statement from the TON Community
Following the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.
As a community committed to freedom of speech and decentralization, we stand firmly behind the Open Network and its mission to create a new, decentralized Internet. We are grateful for the support of everyone who believes in our cause.”
Toncoin (TON) price analysis and prediction on Telegram’s arrest news
At press time, TON traded at $5.66, down 16% over the past 24 hours from $6.74, while social volume around the project increased significantly, causing TON's social dominance to peak at 4.86%.
This social metric is notably high for a project of TON's size, as Finbold retrieved the data from Santiment's Sanbase Pro indicator, which is relevant to this report.
In essence, discussions around Pavel Durov, Telegram, and The Open Network largely dominated the cryptocurrency space this weekend as the price crashed, suggesting a direct relation.
However, cryptocurrencies are unpredictable, and further price action will depend on how independent Toncoin really is from Telegram and Durov's leadership. Notably, retail traders tend to panic sell on negative news.
As a result, the price crashes, but sometimes the panic crash will quickly bounce up after investors better digest the not-so-negative news. However, the trend can continue if backed by solid negative fundamentals and intensify as things develop.
If the crash continues, TON could revisit price support at $5.25, $4.9, and $3.5.
TON investors should now closely follow Pavel Durov's indictment and The Open Network's further actions to make a plan. In the meantime, direct competitors could see capital inflow and increased demand as traders speculate in this context.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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