Ton blockchain rallies behind telegram ceo amid turbulence: toncoin faces market volatility

TON Blockchain Rallies Behind Telegram CEO Amid Turbulence: Toncoin Faces Market Volatility

Last Updated: August 26, 2024By

In the wake of the disconcerting news surrounding Telegram’s founder, Pavel Durov, the TON blockchain community has emphatically reiterated its unwavering support. “Despite the recent upheavals, our commitment to the principles of freedom of speech and decentralization remains steadfast. We stand resolutely with Pavel during this trying period,” the statement from TON blockchain’s official X account declared. (Notably, an earlier version of the statement read, “…we stand firmly behind Pavel during this challenging time,” demonstrating the community’s firm stance.)

Durov’s unexpected detention, which reportedly occurred on Saturday after his arrival at Paris’s Le Bourget airport from Azerbaijan, has sent ripples through both the tech and financial sectors. Accompanied by a security guard and an unidentified woman, Durov faces potential indictments on a spectrum of severe charges linked to Telegram’s operations. Allegations may encompass “terrorism, narcotics, complicity, fraud, money laundering, handling of stolen goods, and involvement with pedocriminal content,” as earlier reported by The Block, drawing from French media outlet TF1. These charges could be formally announced as soon as Sunday.

The release of the statement by TON’s team appears to be a strategic move to quell market anxieties that have seen Toncoin, the native token of the TON blockchain, experience a sharp decline. Following the news of Durov’s arrest, Toncoin’s value plummeted by nearly 20% before showing signs of recovery. The statement urged the community to remain calm, unified, and focused on building despite the turbulent circumstances. At the time of publication, Toncoin had dropped by 12% over the past 24 hours.

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The outpouring of support for Durov has not been limited to the blockchain community. Prominent figures across various sectors, including American journalist Tucker Carlson and X platform owner Elon Musk, have voiced their solidarity. Franklin Bi, general partner at VC fund Pantera Capital, expressed his support succinctly with a “#FreePavel” message. Pantera Capital, which made its largest-ever investment in TON token earlier this year, has further bolstered its commitment by raising additional capital for the ecosystem.

As this situation continues to unfold, the TON community and the broader tech world will undoubtedly keep a close watch, standing by Durov and the values he represents.

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About the Author: Eunji Lim

Eunji lim