Toncoin, a cryptocurrency linked to the Telegram messaging app, was hovering excessive till not too long ago. All of a sudden, a bombshell drops: the app’s billionaire founder is arrested out of the country. What occurs subsequent?
Toncoin skilled a dramatic plunge after the information of Pavel Durov’s arrest broke. With almost 20% wiped off its worth, buyers had been left reeling and questioning the way forward for Toncoin within the crypto market.
Listed here are the nitty-gritty particulars.
Telegram Founder Arrested in France
On August 24, Pavel Durov, the founding father of Telegram and a significant determine within the Toncoin group, was arrested by French authorities. He was detained at Bourget Airport after arriving on a personal jet from Azerbaijan. The arrest was made below a warrant from OFIM, a French group that fights towards violence involving minors.
This arrest is a part of an investigation into Telegram’s alleged failure to correctly average content material, which authorities imagine has allowed unlawful actions to happen on the platform.
Understanding the Allegations
Based on French media, Durov could possibly be charged with a variety of crimes, together with terrorism, drug trafficking, fraud, cash laundering, and sharing baby abuse content material. If discovered responsible of violating content material moderation legal guidelines, he might withstand 20 years in jail.
Toncoin Price Takes a Hit
The arrest instantly impacted Toncoin’s price. Inside hours, the worth dropped almost 20%, falling from $7.10 to $5.60. This drop additionally slashed its market capitalization from $17.1 billion to round $14 billion.
Traders Rush to Promote
After the information, many buyers shortly bought their Toncoin holdings, fearing additional worth drops. This sharp decline exhibits how delicate the market is to Durov’s authorized troubles and Telegram’s ongoing points.
TON Technical Evaluation
Toncoin (TON) is presently buying and selling round $5.81, reflecting a considerable restoration from its latest drop. Nevertheless, technical indicators recommend that Toncoin stays in a weak place, having dropped beneath key help ranges, together with the 200-day and 50-day shifting averages.
This means that Toncoin might expertise additional downward stress earlier than discovering stability.
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