Toncoin faced a strong bearish momentum after Pavel Durov, the founder of Telegram, was arrested at Le Bourget airport near Paris.
Toncoin (TON) plunged by 20.6% in the past 24 hours and is trading at $5.3 at the time of writing. The asset’s market cap declined to $13.6 billion, making it the ninth-largest cryptocurrency.
Toncoin saw a 690% surge in its daily trading volume, reaching the $2 billion mark. It currently faces increased selling pressure despite the market-wide rebound on Saturday, Aug. 24.
The coin has become integrated with Telegram, the messenger app that boasts nearly one billion users and aspires to be a Web3 innovator. One of its developments is the Toncoin, or TON — an acronym for Telegram Open Network.
According to numerous French media reports, 39-year-old Durov is expected to appear in court today. The billionaire Russian exile could allegedly face multiple criminal charges including terrorism, drug trafficking, fraud, money laundering, and child abuse content.
Durov may face up to 20 years in prison for not complying with the content moderation law in the country.
X.com owner Elon Musk — who often faces criticism over content moderation — has already expressed his support for the Telegram founder, per the BBC.
Musk seemingly mocked Europe’s laws for what he argues is free speech censorship.
“It’s 2030 in Europe and you’re being executed for liking a meme.”
Elon Musk said pointing out Durov’s arrest in France.
Telegram has been scrutinized for allowing users to openly share far-right and neo-Nazi views to the point where groups used the app to organize riots in the UK earlier this month.
OFIM, a specialized unit of the French National Police, had issued a criminal complaint against Durov alleging that he was complicit in Telegram’s lack of content moderation when it comes to fraud, drug trafficking, and distribution of child sexual abuse material.
TON’s official account on X said that the TON community will “stand firmly” by Durov as he was committed to freedom of speech.
“We believe his efforts to promote an open and decentralized internet will continue to inspire millions.”
TON community said on X.
