TON, the native token of TON, fell 7% after Telegram CEO Pavel Durov reported that he was facing legal troubles in France. According to various sources, Durov has been accused of 12 crimes, some of which are related to cryptocurrencies.
Toncoin’s price fell to $5.08 following Pavel Durov’s arrest at Le Bourget airport, a 35% drop from its June peak. Rumor has it that the charges against Durov relate to illegal cryptology services and unregistered tools related to TON’s blockchain platform.
Other charges against Durov include money laundering and failure to cooperate with authorities. If convicted, he could spend up to 20 years behind bars.
However, these allegations have not yet been substantiated and the investigation is still ongoing. Depending on how the situation develops, Durov could remain in custody until August 28.
The news has drawn much criticism from various personalities such as Elon Musk and Justin Sun, who consider the allegations a violation of individuals’ privacy. Some critics point out that the allegations against Durov are false and can be used to prosecute other technology entrepreneurs.
As the legal proceedings continue, the future of Toncoin and The Open Network may be at stake. Telegram has 900 million users and TON’s success depends on its integration with Telegram.
As for Durov’s supporters, they expect a happy ending, even though the outcome could have implications for the development of cryptocurrencies and the fight for privacy rights.
Currently, the crypto world is waiting and watching how this legal battle will affect Toncoin and its position in the digital space.
Also read: Justin Sun proposes $1 million DAO to support Telegram CEO Pavel Durov
