Toncoin
Toncoin
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The Toncoin price crash occurred after the CEO of Toncoin-linked Telegram messaging app, Pavel Durov, was arrested in France.
Local media reported that Durov was arrested as part of a preliminary police investigation after arriving at Le Bourget airport on a private jet.
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Telegram founder and CEO Pavel Durov was arrested in France, triggering the price … (+)
According to reports citing anonymous sources, Durov faces indictment on Sunday. The investigation focuses on Telegram’s failure to prevent criminal activity on the messaging app.
Toncoin, an open-source version of a cryptocurrency that runs on The Open Network’s blockchain, formerly known as Telegram Open Network, was launched in 2021.
The Toncoin price has since skyrocketed by nearly 1,000%, rising alongside the Bitcoin price this year amid a surge in activity and user numbers due to the popularity of Telegram-based crypto mini-games that use Toncoin.
Telegram’s original plan for Toncoin, a cryptocurrency called Gram, never came to fruition after the U.S. Securities and Exchange Commission (SEC) classified the company’s $1.7 billion initial coin offering (ICO) fundraise as an unregistered securities sale and ordered Telegram to return the funds.
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The Toncoin price has crashed again after a sharp increase this year along with a huge Bitcoin price. … (+)
The non-profit TON Foundation has since led the development of the blockchain and the cryptocurrency Toncoin.
“When Telegram said goodbye to TON last year, I expressed hope that future generations of developers would one day carry on our vision of a mass-market blockchain platform,” Durov wrote in a 2021 post on his official Telegram channel.
“That’s why I was inspired to see the champions of the Telegram coding competitions continue to develop the open TON project, which they have renamed Toncoin,” the post said, adding: “Toncoin is independent of Telegram.”
