Toncoin drops 18%, Notcoin tumbles following arrest of Telegram CEO Pavel Durov

Home » Markets » Toncoin drops 18%, Notcoin tumbles following arrest of Telegram CEO Pavel Durov

TON’s market cap dropped from $17.1 billion to around $14 billion after the news broke.

The associated price of Toncoin (TON) fell as unprecedented as 18% to under $5.Fifty three on Sunday following news that Pavel Durov, the co-founder and CEO of Telegram, was arrested at Le Bourget Airport in France, in step with recordsdata from CoinGecko. Likewise, Notcoin’s (NOT) price crashed by 21% as considerations about Durov’s upright troubles grew.

On August 24, Durov was detained by French police at Bourget Airport after arriving on his non-public jet from Azerbaijan, as reported by BBC. His arrest was executed under a warrant issued by France’s OFIM, which deals with combating violence in opposition to minors.

The enforcement action is fragment of a police investigation relating to Telegram’s alleged lack of moderation, which has purportedly allowed legal actions to proliferate on the platform, the document highlighted. French officials direct that Telegram’s insufficient oversight has enabled illicit actions, raising considerations relating to the platform’s feature in facilitating such habits, in particular given its huge particular person substandard of with regards to one billion of us.

After the news broke, Toncoin’s price suffered a steep decline. TON’s market cap plummeted, falling from $17.1 billion to around $14 billion inner hours, CoinGecko’s recordsdata reveals.

Toncoin is a crypto asset intently tied to the Telegram messaging app and its founder Pavel Durov. TON is the native coin of The Open Network, which was originally developed by Telegram however later launched independently. TON integrates with Telegram, allowing customers to make utilize of Toncoin for payments, storing price, and accessing decentralized apps inner the Telegram app.

Notcoin, operating on the TON blockchain, is also known for its integration of crypto sides into the Telegram app. The crypto-based slothful recreation has skyrocketed in recognition on Telegram this three hundred and sixty five days, gathering over 35 million customers in excellent five months.

Notcoin’s ticket fell sharply following Durov’s arrest. NOT is currently shopping and selling at around $0.009, down 20% in the final 24 hours whereas TON is shopping and selling at around $5.6. Toncoin’s price is about 31% some distance from its all-time high of $8.2 established in mid-June.

The broader crypto market stays reasonably genuine, exhibiting a runt boost of 1.1% inner a day. There was minute substitute in the ticket of Bitcoin over the last 24 hours, shopping and selling at with regards to $64,000 at press time.