TON Down 18% Since Telegram CEO’s Arrest

TL;DR

• TON is the worst performer over the weekend, losing 18% of its value during that period.

• Its bearish performance comes after Durov’s arrest in France on Saturday.

Ton Losses 18% Following Durov’s Arrest

Ton, the native coin of The Open Network, is down by 18% over the last two days. This makes it the worst performer amongst the top 10 cryptocurrencies by market cap over the weekend.

The bearish performance comes after Telegram founder and CEO Pavel Durov was arrested on Saturday in France. Durov is expected to be indicted on various charges related to the messaging platform's operations.

TON was trading at $6.82 before the arrest but immediately plunged to $5.33. However, it has slightly recovered and is now trading at $5.66 per coin.

Durov is already receiving widespread support, as many influential figures call for his release. The Open Network released a statement addressing the recent arrest of Pavel Durov. The team said,

“Following the recent news related to the Telegram’s founder, Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational. As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions.”

Statement from the TON Community

Following the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.

As a community committed to freedom of speech and decentralization, we stand firmly…

— TON 💎 (@ton_blockchain) August 24, 2024