In H1 2024, Telegram’s cryptocurrency holdings rose to $1.3 billion, up from $400 million, driven by Toncoin sales and a TON deal.
The Financial Times (FT) reported on November 26th that Telegram held $1.3 billion in cryptocurrency in the first half of 2024, up from $400 million at the end of the previous year.
In a previous announcement, Telegram reported that it held approximately $400 million worth of digital assets. New evidence, on the other hand, reveals that the company’s cryptocurrency holdings have topped one billion dollars.
The financial filings of the corporation revealed that the value of its cryptocurrency assets had surged by roughly triple, according to a story by the Financial Times.
Because of the surge in digital asset holdings, the profit from selling Toncoin, and a deal related to The Open Network (TON), the company has been able to maintain a buffer as its creator has been confronted with legal issues, according to the story published by the Financial Times.
According to the research, the instant messaging network brought in a total of $525 million in income between the months of January and June, which is a 190% increase when compared to the previous year, 2023.
According to the article, the company obtained a total of $353 million from the sale of cryptocurrency during the first half of the year 2024. Additionally, an exclusivity arrangement, since canceled, awarded Telegram $225 million. This deal limited the purchase of advertisements on the site to TON tokens.
Even though this arrangement ended on October 1, the financial gains greatly increased the company’s first-half earnings. They also holds a “significant” amount of TON, making it susceptible to fluctuations in the TON markets.
The price of TON dropped by 25%, reaching $5.24, during Pavel Durov’s arrest. On the other hand, the asset recovered, and a rally in the cryptocurrency market as a whole followed.
Telegram founder Pavel Durov’s arrest in France
The cryptocurrency asset reached its all-time high of $6.32 on November 24. French authorities took Durov, the inventor of Telegram, into custody on August 24 due to allegations of infractions committed by the encrypted messaging app.
French media agencies reported that they arrested the founder of Telegram at the Le Bourget airport after he landed in his private jet. On August 28, authorities charged the founder of Telegram with criminal offenses and prevented him from leaving France.
Before being released, the executive had to post $5.5 million bail. On September 5, Durov expressed his surprise at the arrest by French authorities. He stated that Telegram is represented in the European Union who handles regulatory demands and questions from law enforcement.
Additionally, the entrepreneur in the field of technology stated that Telegram is prepared to “leave markets that aren’t compatible” with their beliefs. Some of the most downloaded applications are Telegram, which is among the top five. In 2024, the corporation with its headquarters in Dubai announced that it had surpassed 950 million monthly active users.
