TON blockchain affirms support for detained Telegram CEO as price plunges 12%
Quick Take
- The X account for the TON blockchain has released a statement affirming support for Telegram founder and CEO Pavel Durov, who was arrested on Saturday in France and is expected to be indicted on a variety of charges related to the operations of the messaging platform.
- The price of Toncoin plummeted nearly 20% on Saturday before recovering slightly; the token is currently down 12% in the past twenty-four hours.
The X account representing The Open Network, also known as the TON blockchain, has released a statement addressing the recent arrest of Telegram founder and CEO Pavel Durov in France.
"Following the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational. As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time," the TON blockchain's X account's statement reads in part. (An earlier version of the statement read "...we stand firmly behind Pavel during this challenging time," emphasis mine.)
Durov was reportedly arrested on Saturday after stepping off his private jet at Paris's Le Bourget airport, where he arrived from Azerbaijan with a security guard and an unknown woman. An indictment on charges related to the Telegram app's operations, which may include "...multiple offenses: terrorism, drugs, complicity, fraud, money laundering, receiving stolen goods, [and] pedocriminal content," and which may focus on the lack of moderators, could follow on Sunday, The Block previously reported, citing statements made to French news outlet TF1.
The statement was likely released in order to allay the uncertainty in the market which led TON's native token, Toncoin, to plummet nearly 20% following news of Durov's arrest, before the token recovered slightly. "We encourage everyone to stay calm, united, and to keep building as we navigate this situation together," the statement reads. The token is currently down 12% in the past 24 hours at time of publishing.
Other notable figures both within the crypto community and without have likewise expressed support for Durov, including American journalist Tucker Carlson and X platform owner Elon Musk.
VC fund Pantera Capital general partner Franklin Bi posted a simple message "#FreePavel". Pantera made the largest investment in the firm's history since its 2003 founding in the TON token this year, and later raised even more capital to invest in the ecosystem, The Block previously reported.
This is a developing story.
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