TON’s market cap dropped from $17.1 billion to $14 billion after the news broke.
- Pavel Durov’s arrest in France led to an 18% drop in Toncoin’s value.
- French authorities link Durov with crimes facilitated through Telegram’s lack of moderation.
The price of TON’s market took a significant hit, plunging by 18% to below $5.53 after news broke of Telegram CEO Pavel Durov’s arrest in France. According to CoinGecko, this sharp decline reflects growing concerns over Durov’s legal troubles and their potential impact on Telegram-related assets.
Durov’s Legal Woes Impact TON and Notcoin
Durov was detained by French authorities at Le Bourget Airport following his arrival from Azerbaijan. His arrest was linked to an investigation into Telegram’s alleged failure to moderate criminal activities on its platform. The news sent shockwaves through the market, with Toncoin’s value dropping from $17.1 billion to $14 billion in just a few hours.
While TON and Notcoin suffered steep losses, the broader crypto market showed resilience, with a slight increase of 1.1%. Bitcoin remained stable, trading near $64,000, underscoring the isolated nature of the impact on TON’s market.
