Toncoin's Market Value Drops Amid Telegram Co-Founder’s Detention

According to PANews, the market value of digital assets related to the blockchain project associated with Telegram Messenger LLP has decreased by approximately $2.7 billion. This decline reflects the uncertainty triggered by the detention of Telegram co-founder Pavel Durov. Durov was reportedly detained at Paris airport on Saturday for allegedly failing to take measures to prevent Telegram from being used by criminals. Following this event, The Open Network's token, Toncoin (TON), fell by over 20%. As of Monday morning at 10:36 AM Singapore time, TON had recovered some of its losses, trading at $5.69. However, the ongoing developments surrounding Durov's detention have kept the asset down by 16%. Richard Galvin, co-founder of hedge fund DACM, stated that it is still “too early” to determine the long-term impact of Durov's detention on Telegram. DACM had purchased TON tokens in a private round earlier this year. Galvin added that the market reaction over the weekend has temporarily factored this uncertainty into TON's price. Data from DefiLlama shows that the value of assets locked on the TON blockchain surged to a peak of $1.1 billion last month but has since fallen to $661 million. According to CoinGecko, Toncoin's price has more than doubled over the past year, with the token's current market value standing at approximately $14.4 billion.