Toncoin, a digital token linked to the messaging app Telegram, experienced a significant drop in market value after the app\u2019s co-founder, Pavel Durov, was reportedly detained at a Paris airport. The token, part of The Open Network (TON) blockchain, saw its value plunge by over 20%, wiping out around $2.7 billion from its market capitalization.<\/p>\n
Durov\u2019s detention has raised concerns about the future of Toncoin, which had been gaining traction due to its association with Telegram\u2019s massive user base of 900 million people. The token\u2019s price recovered slightly but remained down by 16%, trading at $5.58 as of Monday afternoon in London.<\/p>\n
The TON blockchain, although technically separate from Telegram, has benefited from its close ties to the messaging platform, fueling speculation that Telegram could evolve into a \u201csuper-app\u201d similar to WeChat in China. However, the recent developments have cast doubt on this potential.<\/p>\n
Richard Galvin, co-founder of hedge fund DACM, which invested in TON tokens earlier this year, noted that it\u2019s still unclear how Durov\u2019s detention will affect Telegram in the long run. He emphasized that anything undermining Telegram\u2019s position would likely have a negative impact on Toncoin as well.<\/p>\n
Telegram issued a statement asserting its compliance with European laws and stated that Durov has \u201cnothing to hide.\u201d The company continues to monitor the situation closely as the market reacts to this unfolding drama.<\/p>\n","protected":false},"excerpt":{"rendered":"
Toncoin, a digital token linked to the messaging app Telegram, experienced a significant drop in market value after the app\u2019s\u2026<\/p>\n","protected":false},"author":432,"featured_media":48746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[15113],"class_list":["post-48745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-markets","tag-toncoin"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/432"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=48745"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/48746"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=48745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=48745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=48745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}