France
Toncoin (TON) Falls By 15% Following Telegram CEO’s Arrest
Published
4 weeks agoon
By
adminThe price of cryptocurrency Toncoin (TON) has experienced a steep decline following reports of the arrest of Telegram CEO Pavel Durov. Toncoin has been one of the best-performing digital assets in 2024, however, the altcoin has faced a rather turbulent period in the last two months.
Toncoin Reacts To Telegram CEO’s Detention
According to French source TF1 TV on Saturday, Telegram founder and CEO Pavel Durov was arrested at the Le Bourget airport in France after alighting from his private jet.
Durov, a 39-year-old Russian-born Emirati, has been reportedly detained due to a “lack of control” on Telegram which French authorities believe has fostered the growth of criminal activities on the messaging app. So far, this arrest has drawn much criticism from the tech community including many crypto users who have described such action as the French government attempting to force censorship on a free social media platform.
Notably, Toncoin, the native token of The Open Network (TON) and a cryptocurrency integrated with the Telegram app recorded a 15.67% decline in market price following news of Durov’s arrest.
Toncoin, which was to be initially launched by Telegram before an intervention by US regulators, plays various critical roles in the messaging app in compensating developers, buying ads, and even acquiring a premium subscription. Therefore, the bearish sentiment generated by the Telegram CEO’s detention pulled TON’s market price to as low as $5.52, a price level last seen in early August. Nevertheless, the altcoin appears to have found some stability as it gently moves upwards into the $5.70 zone.
As earlier stated, TON has been one of the most profitable assets in 2024, thus this price dip may not attract much concern from long-term investors.
According to data from CoinMarketCap, TON gained by over 240% in the first six months of 2024 achieving an all-time high of $8.24, alongside a placement in the top 10 cryptocurrencies based on market cap. While the altcoin has not shown similar growth levels in Q3 2024, the consistent growth in on-chain metrics e.g. active network users spell a rise in interest which could significantly affect price growth.
TON Network Calls For Calm Amidst Durov Arrest
Commenting on Pavel Durov’s sudden arrest, the management of The Open Network has assured all users the blockchain remains functional while affirming support for the embattled Telegram CEO. With an online protest already happening on the X social media platform, the TON management has also called for a calm and united approach to engaging authorities and resolving the matter at hand.
At the time of writing, TON trades at $5.72 with an astounding 504.56% increase in daily trading volume. TON ranks as the 9th largest cryptocurrency with a market cap of $1.57 billion.
Related Reading: Crypto Analyst Says Telegram-Based Notcoin Is Ready To Fly, Here’s How High
Source link
You may like
Hut 8 and BITMAIN To Launch Next-Generation ASIC Bitcoin Miner with Liquid-to-Chip Cooling
German Government Shuts Down 47 Exchanges, Says They’re Tied To ‘Illegal Activity’
Toncoin, Intel Markets and Ethereum
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe
Celebrating 10 Years of the Hardware Wallet Revolution
crime
Telegram CEO Pavel Durov responds to accusations after indictment
Published
2 weeks agoon
September 6, 2024By
adminDurov has spoken out for the first time following his arrest last week, defending the platform’s moderation efforts and criticizing authorities for targeting him personally over users’ illegal activities.
Today, nearly a week after the CEO of Telegram, Pavel Durov, was indicted in France, he released a statement addressing his recent legal troubles in the country.
In a post on his official Telegram channel, Durov expressed surprise at his charges, emphasizing that the messaging app has an official EU representative handling law enforcement requests. He criticized the authorities for bypassing established communication channels and questioning him personally.
He argued that pre-smartphone laws to charge a CEO with crimes committed by others on the platform he manages is “a misguided approach.”
Durov defended Telegram’s moderation practices, pointing out the platform’s daily efforts to remove harmful content and maintain hotlines with NGOs for urgent requests.
“We take down millions of harmful posts and channels every day. We publish daily transparency reports… we have direct hotlines with NGOs to process urgent moderation requests faster.”
Durov
Durov emphasized the challenges of balancing privacy and security while maintaining global consistency, particularly in countries with weaker rules of law. He highlighted Telegram’s willingness to leave markets where its principles are compromised, citing bans in Russia and Iran for refusing government demands. He added:
We are prepared to leave markets that aren’t compatible with our principles, because we are not doing this for money. We are driven by the intention to bring good and defend the basic rights of people, particularly in places where these rights are violated.
Durov’s arrest on Aug. 24 sparked a sharp decline in Toncoin (TON), the cryptocurrency linked to Telegram, which plunged 20% around the time of his arrest.
Durov’s charges
Last week, Durov was placed under judicial supervision after being indicted on charges related to inadequate content moderation on Telegram, including accusations of terrorism and drug trafficking. He was arrested at Le Bourget airport near Paris and now faces a court-mandated ban on leaving French territory and twice-weekly police check-ins.
Durov, a Franco-Russian billionaire, has faced legal challenges, with French authorities accusing him of complicity in various illegal activities. He faced 12 alleged charges.
Durov acknowledged that Telegram has a long way to go before being crime-free. Durov expressed that he is committed to improving Telegram’s content moderation efforts, acknowledging some growing pains due to the platform’s rapid user growth.
Telegram’s abrupt increase in user count to 950M caused growing pains that made it easier for criminals to abuse our platform. That’s why I made it my personal goal to ensure we significantly improve things in this regard.
He also reaffirmed the company’s mission to protect user privacy while cooperating with regulators. However, he made it clear that Telegram is willing to exit markets where its values are compromised.
The crypto community was in an uproar over the arrest and strongly supported Durov.
Source link
Follow-up
Crazy and not that crazy reasons for the Telegram’s founder arrest
Published
3 weeks agoon
August 27, 2024By
adminTelegram founder predicted to face up to 20 years in prison. What’s going on?
Pavel Durov, the founder of the Telegram messenger, was detained at Paris-Le Bourget Airport upon exiting a private jet. The entrepreneur, a French citizen, may face charges for multiple crimes carried out through Telegram.
Among the possible ones are terrorism, drug trafficking, fraud, and pedophile content. However, some sources put forward other reasons for the arrest of the founder of the messenger.
Why is Durov arrested?
American journalist Tucker Carlson believes that Durov’s arrest is a warning for those who refuse to “censor the truth at the behest of governments and intel agencies.”
LCI TV channel journalist Cyril Amursky noted that Durov faces up to 20 years in prison in France for a criminal case. In addition, Durov cannot ask for asylum in France since he is a citizen of this republic and is wanted only there. The journalist suggested that the businessman could have made an unplanned stop in France due to a lack of fuel.
At the same time, the State Duma explained the businessman’s arrest by his unwillingness to cooperate with the U.S. authorities:
Durov has been in the status of a person who poses a threat to U.S. national security since he dared to challenge the dollar’s dominance and managed to interest large American investors in the “new generation cryptocurrency.
State Duma deputy Anton Gorelkin
Journalists from the Sabah publication believe that the purpose of the detention of the messenger founder is to hide what is happening in Gaza. The publication claims that France will be followed by other countries that want to close anti-Zionist news channels that Telegram does not censor.
Commenting on Durov’s arrest, Steffen Kotre, a member of the German parliament, emphasized that this is a fight against the opposition. He noted that the German media often call Telegram a platform for right-wing extremists and conspiracy theorists.
Crypto community reactions
The Toncoin (TON) cryptocurrency fell by almost 20% amid the arrest of the Telegram founder, falling from $6.83 to $5.37. Later, the coin recovered a little and was trading at $5.63 at the time of writing.
Many crypto industry participants supported Durov, and some even bought TON. Thus, the founder of DWF Labs, Andrey Grachev, bought TON tokens for $500,000 and said he would sell them when Durov was released. Following Grachev, the Memeland project also bought TON tokens for $1 million in support of Durov and promised not to sell them until his release.
Things Foundation launched a fan token supporting Durov — Resistance Capybara (CPBR). Its capitalization soared to several million dollars in the first minutes. The token grew by 300%
Billionaire Elon Musk called the Telegram founder’s detention a convincing advertisement for the First Amendment to the U.S. Constitution, which guarantees freedom of speech. He also published a fragment of Durov’s interview, where the entrepreneur discussed freedom of speech. Musk accompanied the video with the hashtag #FreePavel.
Tether CEO Paolo Ardoino believes Durov’s arrest is deeply concerning. Dark times will come if we lose the battle for free speech and communication.
Nothing to hide
The Telegram team claims that detained founder Pavel Durov has “nothing to hide.”
Telegram said that its moderation meets industry standards and is constantly being improved, adding that the platform complies with EU laws, including the Digital Services Act.
They also admitted that Durov’s arrest represents the most radical national measures against the head of a social network and threatens to fuel the global debate on whether platforms should prioritize online security or freedom of speech.
Community reacts to Durov’s arrest with memes
Despite its disappointment in Durov’s arrest, the community also responded with humor. Many memes about the Telegram founder’s arrest appeared on X:
Meanwhile, merch in support of Durov began to appear in the Russian marketplace.
What awaits Durov?
There are many messengers in the world where the same violations occur as Telegram, but neither the owner of WhatsApp, Signal, Threema, or Discord has been arrested.
At the same time, Durov may be accused of involvement in terrorism, fraud, and money laundering due to his refusal to cooperate with the security forces; the hearing scheduled for Aug. 25 has been postponed. The judges of the Paris court need another 48 hours to formulate the charges.
Source link
24/7 Cryptocurrency News
Telegram CEO Pavel Durov France Detention Extended To 96 Hours
Published
3 weeks agoon
August 26, 2024By
adminPavel Durov, CEO of the popular messaging platform Telegram, was arrested in France on Sunday, August 25. The detention was initiated on charges related to his alleged failure to moderate criminal activities on his platform. Now, a French magistrate has extended the Telegram CEO’s detention by 96 hours.
Telegram CEO Pavel Durov Faces 96-Hour Detention
Durov’s arrest has sent shockwaves through the tech industry. Moreover, it ignited debates over the balance between free speech and the legal responsibilities of social media platforms. On Sunday, Durov was detained at Le Bourget airport near Paris as he disembarked from his private jet.
Following his arrest, French officials have extended Durov’s detention for up to 96 hours for further questioning, according to a report by India Today. During this period, French authorities will decide whether to charge him or release him from custody. The extension of his detention underscores the gravity of the allegations against him.
The French Air Transport Gendarmerie carried out the arrest based on a search warrant issued by the OFMIN of the French judicial police. Alongside Durov, his bodyguard and an unidentified woman were also taken into custody. The charges against the Telegram CEO are severe, including terrorism, drug trafficking and money laundering.
Furthermore, he is also accused of the distribution of illegal content, involving child exploitation material via Telegram. French authorities have raised concerns about his social media app’s role in enabling various illegal activities due to its lack of content moderation. Additionally, investigators believe that Durov’s actions, or lack thereof, have transformed Telegram into a haven for organized crime.
France President Clears The Air
In a statement on X, French President Emmanuel Macron debunked rumors of political involvement in the Telegram CEO’s arrest. Macron emphasized France’s commitment to freedom of expression and the rule of law.
Macron stated, “France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so. In a state governed by the rule of law, freedoms are upheld within a legal framework, both on social media and in real life, to protect citizens and respect their fundamental rights. It is up to the judiciary, in full independence, to enforce the law.”
Macron further clarified that Pavel Durov’s arrest was part of an ongoing judicial investigation and was not a political decision. “The arrest of the president of Telegram on French soil took place as part of an ongoing judicial investigation. It is in no way a political decision. It is up to the judges to rule on the matter,” Macron added.
However, tech industry leaders and celebrities have slammed French authorities for the crackdown. Tesla CEO Elon Musk has been particularly vocal, sharing an old interview of Durov with American journalist Tucker Carlson. In the interview, Durov discussed alleged intimidation tactics by the U.S. Government and the FBI.
Musk suggested that Durov is being targeted for his refusal to succumb to governmental pressures. Robert F. Kennedy Jr., a prominent advocate for free speech, also expressed outrage, stating, “France just arrested Pavel Durov, founder & CEO of the encrypted, uncensored Telegram platform. The need to protect free speech has never been more urgent.” In addition, Tron founder Justin Sun and Andrew Tate also sided with the Telegram CEO.
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Hut 8 and BITMAIN To Launch Next-Generation ASIC Bitcoin Miner with Liquid-to-Chip Cooling
German Government Shuts Down 47 Exchanges, Says They’re Tied To ‘Illegal Activity’
Toncoin, Intel Markets and Ethereum
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe
Celebrating 10 Years of the Hardware Wallet Revolution
FET price rises as CEX inflows rise ahead of Cudos merger vote
5 Crypto to Sell to Avoid Losses After Fed’s 50 bps Interest Rate Cut
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Binance CEO Says Institutional Investors Grew 40% This Year
Solana’s New Phone Promises More for Less—And Already Seeing Huge Demand
Federal Reserve Cuts Interest Rates by 50 Basis Points to Address Economic Uncertainty
XRP, SOL stagnate as new rising altcoin seizes the moment with another ATH
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m
Polygon on-chain activity spikes despite MATIC price dip
The Other Satoshis: Bitcoin's Most Important Early Contributors
Trending
- 24/7 Cryptocurrency News1 month ago
Top Crypto News Headlines of The Week
- Bitcoin2 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Opinion2 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump2 months ago
Why Did Trump Change His Mind on Bitcoin?
- Price analysis1 month ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
- News2 weeks ago
New U.S. president must bring clarity to crypto regulation, analyst says
✓ Share: