Toncoin price falls 12% as Telegram founder Pavel Durov is arrested in France on allegations linked to illicit activities on the platform.
Toncoin’s price has dropped more than 12% following the news of Telegram’s founder and CEO, Pavel Durov, arrest in France.
Durov, who holds dual citizenship in France and Russia, was detained at Le Bourget airport on Saturday evening.
Toncoin Price Falls As Telegram Founder Faces Detention
Reports indicate that Pavel Durov was arrested around 8 PM after stepping off his private jet at Le Bourget airport.
A bodyguard and a woman accompanied him at the time of his arrest.
The Air Transport Gendarmerie (GTA) conducted the operation under a French search warrant issued by the OFMIN, the national directorate of the French judicial police.
This warrant was issued as part of ongoing investigations into Durov’s potential involvement in various criminal activities linked to his platform, Telegram.
After his arrest, Durov was placed in police custody. He is expected to face several charges, including “complicity in terrorism, narcotics trafficking, fraud, money laundering, and facilitating the distribution of illegal content such as pedophilia.”
Investigation and Custody
After his arrest, the founder of Telegram was taken into police custody by officials from the National Anti-Fraud Office (ONAF), a division of the Customs Directorate.
Durov is now expected to appear before an investigating judge, which could result in an indictment on several charges.
Authorities are particularly concerned about the possibility of Durov fleeing, given his considerable financial means and the serious nature of the accusations against him.
The investigation reportedly focuses on Telegram’s lack of moderation and the platform’s alleged role in enabling various illegal activities.
Investigators have argued that Pavel Durov’s actions, or inactions, have turned the platform into a “haven for organized crime,” including activities such as terrorism, drug trafficking, and pedophilia.
This arrest is considered part of a larger initiative by European authorities to clamp down on secure messaging services that are believed to facilitate criminal activities.
TON Price Drops Over 15%
Following Durov’s arrest, Toncoin has seen a significant drop in its price.
At the time of reporting, the cryptocurrency was down more than 17%, trading at $5.66.
Toncoin is closely tied to the Telegram ecosystem, and the legal issues surrounding its founder have evidently shaken investor confidence.
This decline is unexpected, especially given the previous optimism surrounding TON’s price.
A report from CoinGape had predicted a rally for Toncoin, driven by new projects that might attract investors. However, this recent turn of events has pushed the price to a two-week low.
The sharp drop in Toncoin’s value reflects the market’s uncertainty about the future of Telegram and its related projects.
Investors are likely worried about the potential legal and regulatory consequences for the platform and its associated assets if the charges against Durov lead to significant legal action.
