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Arrest of Telegram CEO Pavel Durov triggers Toncoin price crash

Pavel Durov, co-founder and CEO of Telegram, was arrested in France on Saturday, according to a local media outlet. The French anti-fraud office detained the 39-year-old entrepreneur after he flew into the country from Azerbaijan on his private jet.

The arrest is based on allegations related to illegal activities on Telegram, where the platform was allegedly not moderated.

Telegram CEO Pavel Durov arrested in France

According to French broadcaster TF1, Durov faces multiple charges, including aiding and abetting terrorism, drug trafficking and receiving stolen goods. The report suggests that these allegations are related to Telegram’s reluctance to monitor the content shared by its users. An unnamed investigator told TF1 that authorities will likely take Durov into custody.

After the reports surfaced, The Open Network (TON) issued a statement about X, but refrained from revealing specific details about the investigation.

“We want to reassure everyone that the TON community remains strong and fully functional. As a community committed to freedom of expression and decentralization, we stand firmly by Pavel during this difficult time. Pavel is a dedicated advocate for these values ​​and we believe his efforts to promote an open and decentralized Internet will continue to inspire millions,” the statement said.

Read more: What are Telegram Mini-Apps? A Guide for Crypto Beginners

Telegram’s user base has grown rapidly and recently exceeded the 950 million user mark, Durov announced in July. The increasing popularity of the messenger has led to skepticism in several European countries, including France, due to security concerns and data breaches.

Following the alleged arrest of CEO Pavel Durov, several Russian officials quickly condemned France’s actions, comparing them to Moscow’s previous efforts to control Telegram. Mikhail Ulyanov, Russia’s representative to international organizations in Vienna, pointed out the irony, recalling similar criticism Moscow faced when it pressured Durov in 2014 and tried to ban the platform in 2018.

“Some naive people still do not understand that if they play a more or less visible role in the international information space, it is not safe for them to visit countries that are moving towards more totalitarian societies,” Ulyanov commented.

Elon Musk also weighed in on the reports of Durov’s imprisonment. “It’s 2030 in Europe and you’re being executed for liking a meme,” Musk posted, highlighting his concerns about free speech in an increasingly regulated digital space.

Durov’s unexpected trip to France has raised questions as he usually avoids countries where Telegram has had problems. The arrest also led to a sharp drop in the value of Toncoin (TON), the cryptocurrency tied to The Open Network, which was originally developed by Telegram.

Read more: The 6 Best Toncoin (TON) Wallets in 2024

TON Price
TON price. Source: BeInCrypto

Since this news broke, Toncoin’s price has plummeted by nearly 15%, from $6.80 to $5.76, according to data from BeInCrypto.

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By Olivia

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