Cryptocurrency TON Price Plummets Following Telegram CEO's Arrest | Official Statements Released

The arrest of Telegram's CEO, Pavel Durov, by French authorities has sent shockwaves through the cryptocurrency market, causing a significant drop in the price of TON.

As details emerge, both Telegram and the TON community have issued statements defending Durov and highlighting the importance of platform management and privacy.

Discover the implications of this developing story.

Telegram CEO Arrested: Allegations of Mismanagement?

Multiple reports confirmed that Pavel Durov, the founder and CEO of Telegram, was arrested by French authorities on August 24, 2024.

Following the news, the price of the cryptocurrency TON dropped sharply by about 20%, falling from $6.81 to a temporary low of around $5.39. At the time of writing, the price of TON stands at $5.74 per TON.

Telegram is a globally popular messaging app available for free, but it has faced criticism for being exploited in various illicit activities, including fraud, organized crime, drug trafficking, and bullying.

The arrest is believed to be related to allegations that Pavel Durov's management and operation of Telegram were inadequate, particularly in addressing these issues. Some reports suggest that Durov could face a prison sentence of up to 20 years.

The French authorities are expected to release an official statement on the matter on August 26, 2024.

Meanwhile, support for Pavel Durov has emerged from the Telegram community, the TON community, and broader cryptocurrency circles.

Telegram's Response to the Arrest

In response to the news of Pavel Durov's arrest, Telegram issued an official statement, asserting that the platform complies with EU laws, including the Digital Services Act, and that Pavel Durov has nothing to hide.

The statement also argued that it is wrong to hold platforms or their owners accountable for the misuse of social media platforms. Telegram expressed hope that the situation would be resolved swiftly.

TON Community's Official Statement

The TON community also released an official statement regarding the news, emphasizing that the community remains strong and fully functional despite the recent developments.

Although the exact details of Pavel Durov's arrest remain unclear, it is believed that the arrest may be linked to the perceived mismanagement of Telegram's content and the refusal to share user data with external entities.

This situation ties into broader privacy concerns on social media platforms, drawing support for Durov from numerous prominent figures, including Elon Musk.

The case is attracting significant attention, and its future developments are being closely watched.