The founder of popular messaging and community app Telegram, Pavel Durov, has been arrested in Paris.
The arrest comes as local authorities investigate Durov’s role in mismanaging Telegram and facilitating criminal activity on the platform.Telegram Founder and CEO Arrested in France, TON Price Plummets
Telegram believes Durov has done nothing wrong and will fight tooth and nail if charges are pressed.
Meanwhile, Toncoin, a crypto project closely associated with Telegram, fell 15% on the back of the news.
Toncoin’s 2024 Cinderella story has hit a major roadblock, with the CEO of Telegram’s popular messaging app arrested in France on a fraud inquiry.
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The platform’s founder, Pavel Durov, was incarcerated by French authorities after flying to Paris over the weekend. No official charges have been pressed yet – rather, police are investigating Durov concerning the mismanagement of Telegram.
The CEO has been accused of not doing enough to prevent criminal activity from being organised on his platform, including the promotion of terrorism, drug trafficking and fraud.
Telegram Backs CEO, While Tron Founder Pledges Assistance if Required
Telegram hit back at the arrest earlier this morning, stating:
The arrest mirrors an earlier inquiry into Binance founder Changpeng Zhao, who was also accused of harbouring terrorist transactions on his crypto platform.
Although Telegram is not directly related to the crypto sector, the messaging app has become synonymous with GameFi in 2024 thanks to the raging success of minigames like Hamster Kombat (with over 250 million active users).
Tron founder Justin Sun offered financial support to the Telegram CEO to help him fight any potential charges – although most would suspect Durov is perfectly fine regarding money, given his status as a billionaire.
Toncoin Still Down 15% Despite Stabilising Overnight
Toncoin was hit hard by the news of the arrest, marring a strong week on the crypto markets.
While most major coins experienced gains between 5-10%, TON bled money over the weekend. The cryptocurrency still holds onto its spot in the top ten coins by market cap, but has fallen 16% throughout the past week.Telegram Founder and CEO Arrested in France, TON Price Plummets
Telegram is closely associated with Toncoin, with the blockchain’s developer Nikolai Durov the older brother of Pavel – Telegram’s CEO and founder.
Despite the stumble, Toncoin is still up more than 300% over the last year and will face its first big test since bursting into the spotlight in March.
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