Telegram CEO's Arrest Raises Grave Allegations, Threatening TON's Future

The recent arrest of Pavel Durov, the founder of Telegram, has had a huge impact on The Open Network (TON) cryptocurrency, resulting in a number of unpleasant incidents.

The recent arrest of Telegram founder Pavel Durov has had a significant impact on The Open Network (TON) cryptocurrency, leading to several unfortunate events.

Toncoin's (TON) value has sharply declined following the incident, with a 5.79% drop over the last 24 hours and a substantial 21.59% decrease over the last seven days, bringing its value down to around $5.39.

This drop has alarmed investors and supporters of the initiative, who are now observing the cryptocurrency's rapid decline with concern.

Telegram CEO’s Arrest Raises Grave Allegations, Threatening TON’s Future

As reported earlier by our platform, Durov was arrested for alleged shortcomings in moderation and cooperation, which has garnered varied reactions from his followers and the broader IT community.

However, the severity of the matter escalates as Durov now faces potentially more serious allegations, including terrorism, drug trafficking, fraud, money laundering, and even child abuse. In the worst-case scenario, Durov may face a maximum penalty of 20 years in prison, heightening the uncertainty around TON's future.

Adding to these concerns, a TON liquidity provider recently deleted all liquidity and sold 356,545 TON, which is valued at around $1.98 million at $5.57 per TON, according to Lookonchain.

A $TON liquidity provider removed all liquidity of $TON and sold 356,545 $TON($1.98M) at $5.57 in the past 4 hours. #TONCOIN

Address:0xaba6b18cbcd388745f6b0de936495cb90dbc80d2 pic.twitter.com/rS98WwXYOy

— Lookonchain (@lookonchain) August 26, 2024

This massive liquidation has compounded Toncoin's poor performance, reducing it to the tenth largest crypto, with selling pressure showing no signs of abating at this time.

On the other hand, prior to Durov's arrest, CNF reported that Gala had launched Telegram SSO, a feature that facilitates user onboarding across its gaming, music, and cinema platforms. With Telegram SSO, users can gain seamless access to the entire Gala ecosystem with a single login, enhancing security.

As games like Treasure Tapper and Music Miner continue to garner interest from Telegram's mini-apps users around the world, Gala recognized the need to provide an easy and quick way for people to join its ecosystem.

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