Key points
- Pavel Durov’s arrest in France caused Toncoin’s value to drop by 18%.
- French authorities have accused Durov of crimes facilitated by Telegram’s lack of moderation.
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The price of Toncoin (TON) fell by as much as 18% to below $5.53 on Sunday following news that Pavel Durov, co-founder and CEO of Telegram, was arrested at Le Bourget airport in France, according to data from CoinGecko. Also, Notcoin (NO) shares plunged 21% as concerns grew over Durov’s legal troubles.
On August 24, Durov was arrested by French police at Bourget Airport after arriving on his private plane from Azerbaijan, as reported by BBC. His arrest was carried out under a warrant issued by France’s OFIM, which deals with the prevention of violence against minors.
The enforcement action is part of a police investigation into Telegram’s alleged lack of moderation, which has allegedly allowed criminal activity to proliferate on the platform.
French officials say insufficient oversight of Telegram has enabled illicit activity, raising concerns about the platform’s role in facilitating such behavior, especially given its massive user base of nearly a billion people.
After the news broke, the value of Toncoin suffered a sharp decline. TON’s market cap plummeted, falling from $17.1 billion to around $14 billion in a matter of hours, CoinGecko data shows.
Toncoin is a crypto asset closely linked to The Telegram messaging app and its Founder Pavel Durov. TON is the native currency of The Open Network, which was originally developed by Telegram but later launched independently. TON integrates with Telegram, allowing users to use Toncoin for payments, storing value, and accessing decentralized applications within the Telegram app.
Like Toncoin, Notcoin is also linked to Telegram. Notcoin is a cryptocurrency-based idle game whose popularity has skyrocketed on Telegram this year, amassing over 35 million users in just five months.
The simplicity and accessibility of the game have made it a gateway for many Telegram users to the world of crypto, allowing so that they earn tokens NOT by simply tapping their screens.
Notcoin price fell following Durov’s arrest. NOT is currently trading at around $0.009, down 20% from the past 24 hours. hours while TON is trading at around $5.6. The value of Toncoin is 31% away from its all-time high of $8.2 set in mid-June.
The cryptocurrency market in general remains relatively stable, showing a slight 1.1% increase in one day. There have been little change in The price of Bitcoin in the past 24 hours, trading at nearly $64,000 at the time of publication.
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