The native cryptocurrency of The Open Network (TON), Toncoin, experienced a sharp 7% decline following the arrest of Telegram CEO Pavel Durov in France. Durov, who faces multiple legal charges, including money laundering and non-compliance with authorities, could face up to 20 years in prison if convicted.
The price of Toncoin plummeted to $5.08, marking a 35% drop from its peak in June. This steep decline comes after Durov’s apprehension at Le Bourget Airport, as rumors circulated regarding his alleged involvement in unlawful cryptography services and the use of unregistered tools tied to the TON blockchain platform.
Alongside the cryptocurrency-related charges, Durov is also accused of money laundering and failure to cooperate with French authorities. While the charges remain unsubstantiated, the ongoing investigations have kept Durov in custody, with a potential release set for August 28, depending on how the case unfolds.
The situation has drawn significant attention from notable figures in the tech and crypto industries. Elon Musk and Justin Sun are among those who have voiced their concerns, labeling the charges against Durov as an infringement on individual privacy rights. Many critics have questioned the legitimacy of the allegations, suggesting they may set a dangerous precedent for the prosecution of other tech leaders.
As legal proceedings continue, the future of Toncoin and The Open Network hangs in the balance. With Telegram’s extensive user base of 900 million people, the success of TON is deeply intertwined with the messaging platform’s ecosystem.
Durov’s supporters remain hopeful for a favorable resolution, but the outcome of this legal battle could have far-reaching implications for the development of cryptocurrencies and the ongoing struggle for privacy rights.
For now, the global crypto community watches closely, waiting to see how this unfolding legal drama will impact Toncoin’s standing in the digital currency landscape.
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