Toncoin slides 5% as Telegram CEO rumored to face 12 charges
Telegram founder and CEO Pavel Durov was reportedly charged with 12 crimes in France related to financial and cybercrimes following his arrest last weekend.
Toncoin (TON), the native cryptocurrency of Telegram-endorsed The Open Network, fell by up to 5% following the news of Durov’s indictment by French authorities. According to crypto.news price data, TON traded below $5.59, marking a decline of 32% from its all-time high set in June.
Durov’s supposed charges
Following Durov’s arrest at Le Bourget Airport near Paris, crimes allegedly committed by an unnamed person speculated to be the founder were released.
The 12 charges included three crypto-related offenses: “providing illegal cryptology services for confidentiality, providing a cryptology tool without prior declaration, and importing cryptology tools without prior declaration.”
If Durov is indeed suspected of these crimes, the charges are likely connected to TON, a blockchain network integrated with Telegram’s private messaging app.
The unnamed individual was also charged with money laundering, criminal complicity, and refusal to cooperate with law enforcement. Reports said Telegram’s founder may remain in custody until Aug. 28 as investigations progress. If tried and convicted on these charges, the founder could face 20 years in prison.
At press time, the charges many believed have been levied against Durov remain unconfirmed as the story continues to develop.
Community blasts flawed logic used against Telegram CEO
Since Durov’s arrest over the weekend, billionaires and pro-crypto voices have criticized the move as an assault against personal privacy in Europe.
Figures like Elon Musk and Justin Sun amplified the public chorus in support of freeing Durov and ending the investigation into Telegram. The backlash from social media communities only increased after Durov’s supposed charges were disclosed.
The consensus among outraged observers argued that the logic behind Durov’s rumored crimes made little sense and could be applied to several other founders.
Will TON on Telegram survive?
While Durov has garnered significant support, the legal challenges he faces raise questions about the future of TON on Telegram.
TON’s success is closely tied to its integration with Telegram and the platform’s 900 million users. This legal threat could pose a significant challenge for The Open Network. However, Durov’s victory could lead to greater adoption of TON and signal a crucial victory for crypto and decentralized privacy initiatives.