Toncoin experienced a bearish surge after Pavel Durov was arrested near Paris at Le Bourget Airport.
Toncoin has fallen by 20.6% over the last 24 hours, and currently trades at $5.3. The market cap of the asset has dropped to $13.6 billion. This makes it the ninth largest cryptocurrency.
Oncoin’s daily trading volume increased by 690%, hitting $2 billion. It is currently facing increased selling pressure, despite the market’s rebound on Saturday August 24.
The coin is now integrated with Telegram. This messenger app boasts over one billion users, and strives be an Web3 pioneer. Toncoin (or TON) is one of its innovations. It’s an acronym for Telegram Open Network.
Durov, 39, is reportedly expected to appear before a court in France today. According to reports, the billionaire Russian could face multiple criminal charges, including terrorism and drug trafficking. He may also be charged with fraud, money laundering and child abuse.
🚨🇫🇷 BREAKING: PAVEL DUROV FACES 20 YEARS IN PRISON IN FRANCE
Telegram founder Pavel Durov is set to appear before a judge on Saturday evening, facing multiple charges, including terrorism, drug trafficking, fraud, money laundering, and child abuse content.
French media… https://t.co/3l3SAc31s3— Mario Nawfal (@MarioNawfal) August 24, 2024
Durov could face up to twenty years of imprisonment for failing to comply with the content moderation law in the country.
BBC reports that Elon Musk, the owner of X.com — who is often criticized for his content-moderation practices — has expressed support for Telegram’s founder.
Musk mocked Europe’s laws, which he claims are censorship of free speech.
“It’s 2030 in Europe and you’re being executed for liking a meme.”Elon Musk said pointing out Durov’s arrest in France.
Telegram is under scrutiny for allowing its users to share their far-right, neo Nazi views. In fact, groups have used the app in order to organize riots earlier this month in the UK.
OFIM, an specialized unit within the French National Police had filed a criminal complaint against Durov, alleging that Durov was complicit with Telegram’s lack of moderation of content when it came to fraud, drugs trafficking and distribution of material containing child sexual abuse.
TON’s account on X stated that the TON will “stand firmly by” Durov, as he is committed to freedom speech.
“We believe his efforts to promote an open and decentralized internet will continue to inspire millions.”TON community said on X.
