{"id":122600,"date":"2024-08-27T20:16:27","date_gmt":"2024-08-27T20:16:27","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/27\/telegram-linked-toncoin-token-sheds-2-7-billion-after-ceo-detained\/"},"modified":"2024-08-27T20:16:27","modified_gmt":"2024-08-27T20:16:27","slug":"telegram-linked-toncoin-token-sheds-2-7-billion-after-ceo-detained","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/27\/telegram-linked-toncoin-token-sheds-2-7-billion-after-ceo-detained\/","title":{"rendered":"Telegram-Linked Toncoin Token Sheds $2.7 Billion After CEO Detained"},"content":{"rendered":"
\"Telegram-Linked<\/div>


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A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion (roughly Rs. 22,670 crore) in market value, reflecting the uncertainty sparked by the detention of the messaging app’s co-founder.<\/p>\n

Toncoin, the token of The Open Network (TON), slid more than 20 percent after Pavel Durov was reportedly taken into custody at a Paris airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram<\/a>.<\/p>\n

The 10th largest cryptoasset pared some of the drop to trade at $5.58 (roughly Rs. 470) as of 2:11 p.m. Monday in London, but is still down over 16 percent as a result of the drama involving 39-year-old Durov, according to data complied by Bloomberg.<\/p>\n

The Open Network \u2014 or TON <\/a>\u2014 blockchain has access to Telegram’s 900 million monthly users via a partnership and seeks to enable services such as in-app payments and games. TON’s rise spurred speculation that Telegram has a shot at becoming a \u201csuper-app\u201d in the style of Chinese giants like WeChat.<\/p>\n

Venture Backing<\/h2>\n

The three-year-old foundation behind the project says it’s separate from Telegram. But the ties between Telegram and TON turned the latter into one of crypto’s most-hyped initiatives. Pantera Capital Management LP in May described a purchase of Toncoin as the firm’s largest-ever investment.<\/p>\n

Billionaire Durov <\/a>is also Telegram’s chief executive officer. The Dubai-based company issued a statement saying it abides by European laws, including the Digital Services Act, and that Durov has \u201cnothing to hide.\u201d<\/p>\n

It’s \u201ctoo early to tell\u201d what impact Durov’s detention will have on Telegram longer term, said Richard Galvin, co-founder of hedge fund DACM, which purchased TON tokens in a private round in early 2023. The weekend market reaction \u201cfactored this uncertainty into the TON price\u201d for now, he added.<\/p>\n

Galvin said the key appeal of the TON-Telegram relationship \u201cis the ability to introduce Telegram’s vast user base to crypto functionality,\u201d and that \u201canything that weakens the competitive position of Telegram is negative for TON.\u201d<\/p>\n

Free-Speech Debate<\/h2>\n

Governments have faulted Telegram’s relatively light-touch approach to content moderation for encouraging criminality, while free-speech proponents praise the platform as a venue for open discussion. Telegram is popular with the crypto community, for instance for sharing investment tips.\u00a0<\/p>\n

\u201cWhile there are some communities who utilise Discord, Signal and X for group communications, the crypto ecosystem does have a disproportionate dependency on Telegram,\u201d said Stephany Zoo, head of ecosystem at market maker Caladan. \u201cIf Telegram is affected, there will be reverberating consequences.\u201d<\/p>\n

TON on its X social-media account joined the likes of Elon Musk<\/a> in expressing backing for Durov, reposting the hashtags #FreePavel and #FREEDUROV and changing its logo to the \u201cResistance Dog\u201d in a further show of support.<\/p>\n

The value of assets locked on the TON blockchain surged this year to a peak of $1.1 billion (roughly Rs.\u00a09,230 crore) last month but the figure has now retreated to $667 million (roughly Rs. 5,600 crore), data from DefiLlama show. Toncoin’s price more than tripled in the past year and the token has a current market value of about $14.4 billion (roughly Rs. 1,20,880 crore), according to CoinGecko.<\/p>\n

\u00a9 2024 Bloomberg LP<\/em><\/p>\n

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n<\/div>\n


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A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion (roughly Rs. 22,670 crore) in market value, reflecting the uncertainty sparked by the detention of the messaging app’s co-founder. Toncoin, the token of The Open Network (TON), slid more than 20 percent after Pavel Durov was reportedly taken […]<\/p>\n","protected":false},"author":2,"featured_media":122601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/i.gadgets360cdn.com\/large\/telegram_reuters_1721729204536.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[1289,355,8353,9467,99112,3114,99583,99584,17463,39857,39856],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/122600"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=122600"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/122600\/revisions"}],"predecessor-version":[{"id":122602,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/122600\/revisions\/122602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/122601"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=122600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=122600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=122600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}